Singapore Revises First-Quarter Growth Estimates Higher

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by Ronnie Harui

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SINGAPORE – Singapore’s economy expanded at a faster pace in the first quarter of 2022 than previously estimated, primarily driven by solid growth in the manufacturing, construction and service-producing industries.

GDP grew by 3.7% in the January-March period from a year earlier, according to data released by the Ministry of Trade and Industry on Wednesday. This compares with an advance estimate of 3.4% and a 6.1% expansion recorded in the fourth quarter of 2021.

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Manufacturing grew 7.1% in the first quarter after expanding 15.5% in the previous quarter. Growth was supported by production in the electronics, transportation-engineering, general manufacturing and precision-engineering sectors, which was offset by declines in production in the biomedical-manufacturing and chemical sectors.

Construction grew 2.1% compared to 2.9% in the previous quarter, while goods-producing industries expanded by 6.3%, slowing from the previous quarter’s growth of 13.6%. Service-producing industries expanded 4.2% versus 4.4% earlier.

On a quarterly basis, GDP grew by a seasonally adjusted 0.7% in the first quarter from the fourth quarter of last year, the data showed. This compared with advance estimates of 0.4% and growth of 2.3% in the fourth quarter.

Taking into account the performance of Singapore’s economy in the first quarter as well as the latest global and domestic economic growth, MTI expects growth of 3.0% to 5.0% in 2022, although it is now moving to the lower half of the forecast range. Thinks looks more likely.

Write Ronnie Harui at [email protected]

Credit: www.marketwatch.com /

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