Singapore's economy to grow at 2.7% pace in Q1 2024: Advance estimates

Functions of the Department

The manufacturing sector grew 0.8 percent year-on-year in the first quarter of 2024, moderating from a 1.4 percent expansion in the previous quarter.

„Within this sector, output expansions in the chemicals, precision engineering and transport engineering clusters outnumbered output contractions in the electronics, biomedical manufacturing and general manufacturing clusters,” MTI said.

On a quarter-over-quarter seasonally adjusted basis, the sector contracted 2.9 percent in the first quarter, expanding 4.5 percent in the fourth quarter of 2023.

Meanwhile, the construction sector expanded 4.3 percent year-on-year in the first quarter, extending growth to 5.2 percent in the last quarter of 2023.

While private sector construction output declined, an increase in public sector construction output supported growth during the quarter, MTI said.

On a quarter-over-quarter seasonally adjusted basis, the sector contracted 1.7 percent in the first quarter, pulling back from a 2.0 percent expansion in the previous quarter.

Among the services sectors, the wholesale and retail trade and transportation and storage sectors expanded by a combined 2.7 percent year-on-year in the first quarter, accelerating from 1.0 percent growth in the last quarter of 2023.

All sectors across the group expanded during the quarter.

For the wholesale trade sector, growth was driven by machinery, equipment and supplies. It is driven by a wide variety of products such as metals, home appliances, wood and construction materials.

Meanwhile, growth in the transport and storage sector was largely supported by the water and aviation sectors.

On a quarter-on-quarter seasonally adjusted basis, sectors in the group expanded 1.4 percent in the first quarter, reversing a 0.7 percent contraction in the fourth quarter of 2023.

READ  4 Reasons the Current Recession Will Continue

A group of sectors comprising information & communication, finance & insurance and professional services grew by 4.2 per cent year-on-year in the first quarter, compared to 3.6 per cent growth in the previous quarter.

All sectors within the group expanded during the quarter.

„Growth in the information and communications sector was fueled by continued strong demand for IT and digital solutions, while the professional services sector was driven mainly by the head offices and business representative offices segment,” MTI said.

„The finance and insurance segment expanded due to the bank's strong performance and operations supporting the financial services segments.”

On a quarter-on-quarter seasonally adjusted basis, the group contracted 4.2 percent in the first quarter, a reversal from the 4.4 percent growth in the previous quarter.

The remaining services such as accommodation and food services, real estate, administration and support services and other sectors expanded at 2.9 percent year-on-year in the first quarter of 2024.

This is higher than the 2.0 percent growth recorded in the fourth quarter of 2023.

All divisions within the group expanded during the quarter except for the administrative and support services division.

„In particular, the hospitality sector saw strong growth due to a strong recovery in international visitor arrivals,” MTI said.

On a seasonally adjusted quarter-over-quarter basis, sectors in the group expanded a combined 2.2 percent in the first quarter, reversing a 0.7 percent contraction in the fourth quarter of 2023.

Preliminary GDP estimates for the first quarter of 2024, including sector performance, sources of growth, inflation, employment and productivity, will be published in Singapore's Economic Survey in May 2024.

READ  Dubai World Trade Center Events Stimulate Dubai Economy in 2022; Generate $3.55 billion in gross incremental economic output

Dodaj komentarz

Twój adres e-mail nie zostanie opublikowany. Wymagane pola są oznaczone *