Singapore's GDP grows 0.2 percent in Q1

SINGAPORE, April 14 (Xinhua) -- Singapore's Ministry of Trade and Industry said Wednesday that based on advance estimates, the country's gross domestic product (GDP) grew 0.2 percent year on year in the first quarter, compared to a 2.4 percent contraction in the fourth quarter of 2020.

On a seasonally-adjusted basis, Singapore's economy grew 2 percent quarter on quarter, compared to a 3.8 percent expansion in the previous quarter.

In a breakdown, Singapore's manufacturing sector expanded by 7.5 percent year on year in the first quarter, supported by output expansions in the electronics, precision engineering, chemicals and biomedical manufacturing clusters.

The construction sector contracted by 20.2 percent year on year, improving from the 27.4 percent decline in the previous quarter. The improvement came on the back of a pickup in public and private sector construction activities in the first quarter as compared to the previous quarter, said the ministry.

Meanwhile, the services producing industries contracted by 1.2 percent year on year, an improvement from the 4.7 percent decrease in the previous quarter.

The advance GDP estimates released on Wednesday were computed largely with data in the first two months of the quarter, according to the ministry. These figures are intended as an early indication of the GDP growth in the quarter, and are subject to revision when more comprehensive data become available.

The ministry said it will release the preliminary GDP figures for the first quarter in May.