The economy grew 1.6 per cent year-on-year in the first quarter, unchanged from the government’s advance estimate despite economists’ expectations of an upgrade.
Gross domestic product was 10 per cent higher in January through March than in the preceding three months, the Ministry of Trade & Industry (MTI) said in its Economic Survey of Singapore briefing on Thursday. This was marginally higher than the advance estimate of 9.9 per cent.
Manufacturing and construction fared slightly better than the MTI had estimated last month. Manufacturing shrank only 1 per cent year-on-year compared to the predicted 2 per cent, while construction expanded 7.7 per cent instead of the forecast 6.2 per cent.
But the services sector did worse, growing only 2.2 per cent from the corresponding period last year instead of the 2.9 per cent in MTI’s advance estimate.