5/24/2018 12:28:31 PM
|written By : Team India Se|
Singapore’s economy is expected to grow by 2.5 per cent to 3.5 per in 2018, the Ministry of Trade and Industry (MTI) announced on May 25. The latest forecast is higher than the 1.5 per cent to the 3.5 per cent growth the ministry expected earlier.
The ministry said the economy grew by 4.4 per cent on a year-on-year basis in the first quarter, higher than the 3.6 per cent growth in the previous quarter. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy expanded by 1.7 per cent, moderating from the 2.1 per cent growth in the preceding quarter.
The manufacturing sector grew by 9.8 per cent year-on-year, extending the 4.8 per cent growth in the previous quarter.
The construction sector contracted by 5 per cent year-on-year, the same pace of decline as in the previous quarter.
The wholesale and retail trade sector expanded by 3 per cent year-on-year, unchanged from the growth recorded in the previous quarter.
Growth in the transportation and storage sector came in at 2.8 per cent year-on-year, moderating from the 5.3 per cent in the previous quarter.
The accommodation and food services sector grew by 2 per cent year-on-year, slowing from the 2.9 per cent growth in in the preceding quarter.
The information and communications sector expanded by 5.7 per cent year-on-year, easing from the 6 per cent growth in the previous quarter.
Growth in the finance and insurance sector accelerated to 9.1 per cent year-on-year, from 6.3 per cent in the previous quarter.
The business services sector grew by 2.8 per cent year-on-year, faster than the 0.4 per cent growth in the preceding quarter.