Singapore's economy grows by 5.1% in Q1

Singapore's economy grew by 5.1 percent on year in the first quarter (Q1) of this year, mainly due to strong growth in manufacturing and construction sectors, the city-state's Ministry of Trade and Industry (MTI) released the advance estimate on Monday. The annual growth rate was lower than the 5.5 percent expansion in the fourth quarter last year. On a quarter-on-quarter seasonally-adjusted annualized basis, the economy grew by just 0.1 percent, moderating from the 6.1 percent in the preceding quarter. For particular sectors, the manufacturing sector registered an annual growth rate of 8.0 percent in Q1, which was faster than the 7.0 percent expansion in last quarter. The MTI said this was attributed to "a sharp rebound in biomedical manufacturing output and stronger growth in chemicals output." The sector grew at an annualized rate of 4.5 percent on quarter, compared to the growth of 10.4 percent in the preceding quarter. The construction sector grew by 6.5 percent in Q1 on year, and jumped 10.7 percent from the preceding quarter, on the back of more public sector construction activities. The annual growth rate was higher than the 4.8 percent recorded in last Q4. The service sector, however, grew at a slower annual pace of 4. 7 percent, comparing with the rate of 5.9 percent in the previous quarter. The ministry said the "moderation in growth was largely due to slower expansion in the wholesale and retail trade and finance and insurance sectors." The services producing industries contracted at an annualized rate of 1.8 percent on quarter, a reversal from the 6.1 percent expansion in the preceding quarter.