SINGAPORE – Singapore’s Trade and Industry Ministry (MTI) estimated that the republic’s economy grew by 0.1% year-on-year in the first quarter of 2023 (Q1 2023), slower than the 2.1% growth recorded in Q4 2022.
The gross domestic product (GDP) estimates are largely based on data collected in the first two months of the quarter – an early indication of economic growth during the period, subject to revision when more comprehensive data are available, said MTI.
On a quarter-on-quarter seasonally-adjusted basis, the ministry said Singapore’s economy contracted by 0.7%, a reversal from the 0.1% expansion in Q4 2022.
On sectoral performance, MTI said the manufacturing sector contracted by 6.0% year-on-year (y-o-y) in Q1 2023, worsening from the 2.6% contraction in the previous quarter.
“The sector’s weak performance was due to output contractions across all the manufacturing clusters, except for the transport engineering cluster,” it said.
The construction sector, meanwhile, grew by 8.5% y-o-y during the quarter, extending the 10.0% growth in Q4 2022, supported by expansions in both public and private sector construction output.
Among the services sectors, wholesale and retail trade, as well as transportation and storage sectors collectively contracted by 1.1%, a reversal from the 2.4% growth in Q4 2022.
At the same time, the information and communications, finance and insurance and professional services sectors expanded by 1.9%, moderating from the 2.5% growth in the previous quarter.
Meanwhile, accommodation and food services, real estate, administrative and support services and other services sectors grew by 6.7% y-o-y in Q1 2023, compared with 9.0% growth in Q4 2022. – Bernama, April 14, 2023
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