Singapore's economy stalled in the first quarter of 2016

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Singapore’s economy grew by 1.8% year-on-year in the first quarter of 2016, according to the advanced estimate released by the Ministry of Trade and Industry (MTI).

The figure, the same growth rate reported in the final quarter of last year, was marginally ahead of expectations for an expansion of 1.7%.

Although the year-on-year rate topped expectations, the quarterly seasonally-adjusted annual rate (SAAR) came in flat, missing forecasts for an expansion of 0.2%.

According to the MTI, the manufacturing sector contracted 2% year-on-year following a 6.7% decline in Q4 2015, partially offsetting growth of 6.2% and 1.9% in the nation’s construction and services sectors.

For the quarter, the services industry contracted by 3.8% in SAAR terms, offsetting strong expansions in manufacturing and construction which grew 18.2% and 10.2% respectively.

The table below, supplied by Statistics Singapore, reveals the breakdown of growth, both from a year-on-year and seasonally-adjusted annualised rate perspective.

The MTI will release its preliminary GDP report in its Economic Survey of Singapore in May.

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