Off the wire
• Cambodian PM, opposition leader jointly open Angkor Sankranta festival for Khmer New Year celebrations  • New Zealand businesses optimistic with low inflation, capacity pressures  • Across China: Migrant worker's hard choice to donate organs  • Interview: Timo Boll's advice for Chinese football  • Interview: Japanese gov't manipulates documents on disputed islands with China: historian  • U.S. gains much from its ties with China: former U.S. official  • Hong Kong's chief executive says confident in constitutional reform proposal  • Hong Kong stocks close lower by midday  • Chinese court opens appeal trial for serial killer  • 13 students hurt in Houston school bus collision  
You are here: 　 Home

Singapore's economy grows by 2.1 pct in Q1 of 2015: MTI

Xinhua, April 14, 2015 Adjust font size:

Singapore economy grew by 2.1 percent on a year-on-year basis in the first quarter of 2015, the same rate of growth as that achieved in the previous quarter, said Singapore's Ministry of Trade and Industry (MTI) in a press release on Tuesday.

On a quarter-on-quarter seasonally-adjusted annualized basis, Singapore economy expanded at a slower pace of 1.1 percent compared to 4.9 percent in the preceding quarter, said the MTI.

The manufacturing sector contracted by 3.4 percent on a year-on- year basis, following the 1.3 percent decline in the previous quarter. The contraction was due to a fall in output in the transport engineering, electronics and precision engineering clusters.

On a quarter-on-quarter basis, the manufacturing sector contracted at an annualized rate of 2.3 percent, extending the decline of 2.5 percent in the preceding quarter.

The construction sector expanded by 3.3 percent on a year-on- year basis in the first quarter, an increase from the 0.7 percent growth recorded in the preceding quarter. Growth was driven by a pick-up in private sector construction activities.

On a quarter-on-quarter seasonally-adjusted annualized basis, growth in construction sector accelerated to 13.8 percent, from 2. 2 percent in the previous quarter.

Services producing industries grew by 3.1 percent on a year-on- year basis in the first quarter, which is the same rate of growth as in the previous quarter. Growth was supported by sectors such as wholesale and retail trade and business services.

On a quarter-on-quarter basis, the services producing industries contracted at an annualized rate of 0.4 percent, a reversal from the 7.8 percent expansion in the preceding quarter. Endi