Q1 growth of 2.6% surprises on upside
Services sector boosts overall performance, even as manufacturing contracts
Singapore
DESPITE a contraction in the manufacturing sector, the Singapore economy grew a better-than-expected 2.6 per cent year-on-year in the first quarter of 2015 - breezing past even the most optimistic of projections. Thanks to an acceleration in the services sector, Q1 GDP growth beat both the initial flash estimate of 2.1 per cent growth, and the market's expectation that this could be raised slightly to 2.2 per cent. It was also faster than the 2.1 per cent growth in the preceding quarter.
The main drivers of Q1's expansion were the finance & insurance, wholesale & retail trade, and business services sectors, whi…
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Economy & Policy
Singapore’s inflation eases more than expected in March, with headline inflation at 2.5-year low
8 in 10 firms in S-E Asia, Greater China positive about business environment: UOB survey
Flexi-work request guidelines not meant to prescribe blanket outcomes for employers or influence hiring of workforce: SNEF
Daily Debrief: What Happened Today (Apr 23)
Daily Debrief: What Happened Today (Apr 24)
Daily Debrief: What Happened Today (Apr 22)