Singapore’s GDP grow by 3.4% on year in Q1

Singapore’s GDP grow by 3.4% on year in Q1

SINGAPORE (APP): Singapore’s Ministry of Trade and Industry announced on Thursday morning that based on advance estimates, the country’s gross domestic product (GDP) grew by 3.4 percent year on year in the first quarter of 2022, moderating from the 6.1 percent growth in the previous quarter.
On a seasonally-adjusted basis, the Singapore economy grew by 0.4 percent quarter on quarter, compared to the 2.3 percent growth in the previous quarter.
In a breakdown, Singapore’s manufacturing sector expanded by six percent year on year in the first quarter, moderating from the 15.5 percent growth in the previous quarter. The continued growth was supported by output expansions in all clusters, except for the chemicals cluster.
The construction sector grew by 1.8 percent year on year in the first quarter, following the 2.9 percent growth in the previous quarter. In absolute terms, the value-added of the sector remained 25.3 percent below its pre-COVID-19 level in the first quarter of 2019, as activity at construction worksites continued to be weighed down by labor shortages.
Meanwhile, the services-producing industries expanded by 3.9 percent year on year, compared to the 4.4 percent expansion in the previous quarter.
The advanced GDP estimates released on Thursday were computed largely from data in the first two months of the quarter, according to the ministry. These figures are intended as an early indication of the GDP growth in the quarter, and are subject to revision when more comprehensive data become available.
The ministry said it will release the preliminary GDP estimates for the third quarter this May.

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