Services expand at fastest pace in 3 years, but manufacturing still powers Singapore economy
Economists don't expect manufacturing to continue its double-digit growth; construction likely to recover
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ALL EYES are now on the services sector, which registered its fastest growth pace in three years, but manufacturing continued to be the key driver of Singapore's economy in the first quarter.
With manufacturing likely to moderate for the rest of the year and the construction sector still in the doldrums, economists are divided on whether the momentum in the services sector is enough to propel Singapore's growth in the coming quarters.
For now, manufacturing - which makes up a fifth of the Singapore economy - remains the star performer. The latest Q1 economic data from the Ministry of Trade and Industry (MTI) released on Thursday noted that the sector grew 9.8 per cent in Q1 compared to a year ago, faster than the 4.8 per cent growth in the previous quarter.
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