Singapore, April 14, (dpa-AFX/GNA) – Singapore’s gross domestic product declined 0.7% on a quarter-over-quarter seasonally adjusted basis in the first quarter, the Ministry of Trade and Industry said in Friday’s preliminary reading.
That missed expectations for a decline of 0.2% following the downwardly revised 0.1% increase in the fourth quarter of 2022 (originally 0.3%).
On an annualized basis, GDP was up 0.1% – again shy of forecasts for a gain of 0.6% and down from 2.1% in the three months prior.
The manufacturing sector contracted 6% on year, worsening from the 2.6% contraction in the previous quarter.
The weak performance of the sector was due to output contractions across all the manufacturing clusters, except for the transport engineering cluster.
On a quarterly basis, the sector shrank 5.2%, a pullback from the 1% expansion in the fourth quarter of 2022.
The construction sector jumped 8.5% on year, extending the 10% growth in the previous quarter.
Growth during the quarter was supported by expansions in both public and private sector construction output. On a quarterly basis, the sector expanded 1.8%, faster than the 1.4% expansion in the previous quarter.
Among the services sectors, the wholesale and retail trade and transportation and storage sectors collectively contracted 1.1% on year, a reversal from the 2.4% growth in the previous quarter.
Within the group, the wholesale trade sector shrank in tandem with a decline in Singapore’s merchandise exports. By contrast, the retail trade and transportation and storage sectors expanded, with the latter supported by robust growth in the air transport segment.
GNA