SING`ORE – Singapore’s economy grew more slowly than expected in the first quarter of 2022, mainly due to slowing growth in manufacturing, construction and services sectors.
Gross domestic product grew 3.4% in the January-March period from a year earlier, according to preliminary estimates released by the Department of Trade and Industry on Thursday. That fell short of the 3.8% growth expected by 10 economists in a poll by the Wall Street Journal, compared with a revised 6.1% growth in the fourth quarter of 2021.
Manufacturing grew 6.0% in the first quarter, compared to a 13.2% expansion in the fourth quarter. The manufacturing industry grew 5.3% in the first quarter, slowing from growth of 13.4% in the previous quarter.
Construction grew 1.8% in the first quarter, slowing significantly from the 20.1% expansion in the fourth quarter. Service manufacturing industries grew 3.9% compared to 5.6% in the previous quarter.
On a quarterly basis, GDP grew by a seasonally adjusted 0.4% in the first quarter compared to the fourth quarter of last year, according to the preliminary estimates. That missed the 1.0% expansion expected by nine economists in the Wall Street Journal poll, compared with a revised 2.3% expansion in the fourth quarter.
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