Singapore Economy Contracts 1.4% in Q1 2013


Based on advance estimates, in the first quarter of 2013, the Singapore economy contracted by 1.4 percent, hurt by a drop in the manufacturing sector.

On a quarter-on-quarter seasonally-adjusted annualised basis, the economy contracted by 1.4 percent, down from the 3.3 percent growth in the previous quarter.

On a quarter-on-quarter basis, the manufacturing sector declined by an annualised rate of 11.3 percent, compared to the increase of 3.1 percent in the preceding quarter. The sequential decline largely reflected a contraction in the output of the biomedical manufacturing cluster. 

The construction sector expanded by an annualised rate of 15.1 percent, an improvement from the contraction of 3.9 percent in the previous quarter. The rebound was mainly due to a recovery in private sector building activities. 
 
The services producing industries grew by an annualised rate of 1.8 percent, compared to 2.5 percent in the preceding quarter. Growth was primarily supported by expansions in the finance & insurance sector, business services sector and other services industries, which more than offset the decline in the wholesale & retail trade sector.
 
On a year-on-year basis, the Singapore economy contracted by 0.6 percent in the first quarter of 2013, compared to the 1.5 percent growth in the preceding quarter.

Statistics Singapore | Joana Taborda | joana.taborda@tradingeconomics.com
4/12/2013 9:33:41 AM