The Singapore economy grew 3.2% quarter-on-quarter - after seasonal adjustments and on an annualised basis – nearly three times the flash estimate of 1.1%, according to figures just released by the
Ministry of Trade and Industry (MTI).
MTI’s Q1 GDP figures also showed Singapore’s economy grew 2.6% YOY in the first quarter of 2015, which was better than the expected initial flash estimate of 2.1%, and the market expectation of 2.2%.
The growth was despite a contraction in the manufacturing sector of 2.7% YOY, MTI said.
MTI attributed the contraction to the decline in the output of the transport engineering, electronics, and biomedical manufacturing clusters.
Looking ahead, MTI said that sector-specific factors could weigh on growth.
"For instance, low oil prices have dampened the outlook of the marine and offshore industry, while tourism-related sectors such as the accommodation & food services sector may face headwinds in the near term due to lacklustre visitor arrivals," the ministry said.
