Singapore Economy Contracts 0.6% in Q1 2013


Based on advance estimates, in the first quarter of 2013, the Singapore economy contracted by 0.6 percent year-on-year, hurt by a drop in the manufacturing sector.

On a year-on-year basis, the economy contracted by 0.6 percent, down from the 1.5 percent growth in the previous quarter.

On a year-on-year basis, the manufacturing sector contracted by 6.5 percent in the first quarter, following the 1.1 percent decline in the previous quarter. The sequential decline largely reflected a contraction in the output of the biomedical manufacturing cluster. 

The construction sector grew by 7.0 percent on a year-on-year basis, compared to 5.8 percent in the preceding quarter. The rebound was mainly due to a recovery in private sector building activities. 

The services producing industries grew by 1.2 percent on a year-on-year basis, following the 1.7 pe cent growth in the previous 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 quarter -on-quarter seasonally-adjusted annualised basis, the Singapore economy contracted by 1.4 percent in the first quarter of 2013, compared to the 3.3 percent growth in the preceding quarter.

Statistics Singapore | Joana Taborda | joana.taborda@tradingeconomics.com
4/12/2013 9:32:22 AM