Singapore, April 13: Singapore’s economy grew by a faster-than-expected 1.6 percent year on year in the first quarter, mainly thanks to improvements in the manufacturing sector, according to advance estimates released Friday by the Ministry of Trade and Industry.
On a seasonally-adjusted quarter-on-quarter annualized basis, the economy grew by 9.9 percent, a reversal from the contraction of 2.5 percent in the previous quarter, reported Xinhua.
The manufacturing sector expanded by 14.7 percent from the previous quarter, compared to the 11.1 percent contraction in the previous quarter. On a year-on-year basis, the manufacturing sector contracted by 2 percent due to high base effect.
The construction sector grew by 6.2 percent year on year, while the growth in the services industries remained modest at 2.9 percent.
On a quarter-on-quarter basis, the construction sector surged by 24.6 percent, while the services sector expanded by 6.9 percent.