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Singapore Q1 GDP grew 2.1% from year ago, exceeds market forecasts

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The Singapore economy grew by 2.1 per cent on a year-on-year basis in the first quarter of 2015 based on advance estimates, the same rate of growth as that achieved in the previous quarter.

The Singapore economy grew by 2.1 per cent on a year-on-year basis in the first quarter of 2015 based on advance estimates, the same rate of growth as that achieved in the previous quarter.

On a quarter-on-quarter seasonally-adjusted annualised basis, the economy expanded at a slower pace of 1.1 per cent compared to the 4.9 per cent in the preceding quarter, the Ministry of Trade and Industry said on Tuesday.

Economists had expected GDP year-on-year growth to remain flat in Q1. But quarterly growth came in ahead of market expectations of 0.1 per cent in quarter-on-quarter annualised terms.

Q1's growth is at the low end of the official 2015 forecast of 2-4 per cent growth.

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Market voices on:

The key manufacturing sector contracted by 3.4 per cent on a year-on-year basis in Q1, following the 1.3 per cent decline in the previous quarter. On a quarter-on-quarter basis, the sector contracted at an annualised rate of 2.3 per cent, extending the decline of 2.5 per cent in the preceding quarter.

READ MORESingapore Q1 GDP: Mixed performance by key sectors

 

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