Published: April 13, 2023 at 8:00 p.m. ET
By Ronnie Harui
SING`ORE–Singapore’s economy grew at a slower pace in the first quarter of 2023, mainly due to contraction in manufacturing industries.
Gross domestic product grew 0.1% year on year in the quarter to March, according to preliminary estimates released by the Department of Trade and Industry on Friday. That was…
By Ronnie Harui
SING`ORE–Singapore’s economy grew at a slower pace in the first quarter of 2023, mainly due to contraction in manufacturing industries.
Gross domestic product grew 0.1% year on year in the quarter to March, according to preliminary estimates released by the Department of Trade and Industry on Friday. That was slower than the revised 2.1% growth in the fourth quarter of 2022 and missed the 0.6% growth expected by nine economists polled by the Wall Street Journal.
Goods manufacturing shrank 4.1% in the first quarter, more than the 1.1% decline recorded in the fourth quarter, while services manufacturing expanded 1.8%, slowing from 4.0%.
Manufacturing contracted by 6.0% in the first quarter of 2023, accelerating from the 2.6% contraction in the previous quarter. Construction grew 8.5%, slowing from 10.0% expansion in the fourth quarter.
Singapore’s GDP shrank by a quarter-on-quarter seasonally adjusted 0.7% in the first quarter of 2023, the flash estimates showed. This contrasted with an expansion of 0.1% in the fourth quarter.
Write to Ronnie Harui at [email protected]
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