The Singapore economy continued to grow in the first quarter, climbing 23.5 percent on a seasonally-adjusted quarter-on-quarter annualised basis, compared to 12.0 percent in the previous quarter.
According to estimates from the Ministry of Trade and Industry (MTI), the economy grew 8.5 percent year-on-year, mainly attributed to the manufacturing sector, which grew 13.9 percent on a year-on-year basis.
The strong growth in the sector was fuelled by the electronics and precision engineering clusters, which benefitted from the recovery of business investments in the region.
The construction sector grew 2.6 percent year-on-year, reversing the 2.0 percent contraction in the previous quarter. Service-producing industries also recorded an increase in activity, expanding 7.2 percent from 8.8 percent in the preceding quarter.
MTI said it will release the preliminary gross domestic product (GDP) estimates for Q1 next month, including sources of growth, inflation, employment rate, performance by sectors and productivity in its Economic Survey of Singapore. Meanwhile, the government said today it is tightening its monetary policy in a move to keep a lid on inflation.
The Monetary Authority of Singapore (MAS) said it would “re-centre the exchange rate policy band upwards”, with the country’s economic growth expected to be solid on the coming months. The MAS also said it is raising its foreign exchange rate trading band, which will effectively tighten monetary policy by increasing the value of the local currency.
“This policy will ensure price stability in the medium term while keeping growth on a sustainable path,” it said.
According to estimates from the Ministry of Trade and Industry (MTI), the economy grew 8.5 percent year-on-year, mainly attributed to the manufacturing sector, which grew 13.9 percent on a year-on-year basis.
The strong growth in the sector was fuelled by the electronics and precision engineering clusters, which benefitted from the recovery of business investments in the region.
The construction sector grew 2.6 percent year-on-year, reversing the 2.0 percent contraction in the previous quarter. Service-producing industries also recorded an increase in activity, expanding 7.2 percent from 8.8 percent in the preceding quarter.
MTI said it will release the preliminary gross domestic product (GDP) estimates for Q1 next month, including sources of growth, inflation, employment rate, performance by sectors and productivity in its Economic Survey of Singapore. Meanwhile, the government said today it is tightening its monetary policy in a move to keep a lid on inflation.
The Monetary Authority of Singapore (MAS) said it would “re-centre the exchange rate policy band upwards”, with the country’s economic growth expected to be solid on the coming months. The MAS also said it is raising its foreign exchange rate trading band, which will effectively tighten monetary policy by increasing the value of the local currency.
“This policy will ensure price stability in the medium term while keeping growth on a sustainable path,” it said.
