Singapore's gross domestic product expanded by a seasonally adjusted annualized 1.8 percent in the first quarter of 2013 compared to the previous three months, the Ministry of Trade and Industry said in Thursday's revised reading.
That's sharply higher than last month's advanced estimate that showed a 1.4 percent contraction - although it's still down from the 3.3 percent increase in the fourth quarter of 2012.
The slowdown in quarterly momentum was mainly due to the decline in externally-oriented sectors such as manufacturing and wholesale trade, the MTI said.
On a yearly basis, GDP added 0.2 percent versus estimates for a 0.6 percent decline and a 1.5 percent gain in Q4.
On quarter, the manufacturing sector dropped 12.3 percent, reversing the 3.1 percent gain in the previous quarter. On year, the sector contracted by 6.8 percent, compared to the decline of 1.1 percent in Q4.
The decline largely reflected a contraction in the output of the biomedical manufacturing and transport engineering clusters, which more than offset the expansion in the electronics cluster, the bureau noted.
The construction sector expanded 7.3 percent on year following the 5.8 percent growth in the preceding quarter. On quarter, the sector jumped 16.5 percent, reversing the contraction of 3.9 percent in Q4.
Wholesale and retail trade contracted 1.1 percent on year compared to the decline of 1.5 percent in the previous quarter. On quarter, the sector shed 7.8 percent, on the back of weak performance in the wholesale trade segment, the MTI said. Similarly, the transportation and storage sector lost 0.5 percent on year and 8.4 percent on quarter.
Growth in the finance and insurance sector accelerated 10.5 percent on year from 3.3 percent in Q4. On quarter, the sector surged 50.6 percent. The expansion was underpinned by robust growth in the sentiment-sensitive segment and the financial intermediation cluster amidst signs of stabilization in the external environment, the bureau said.
Supported by robust real estate activities, growth in the business services sector improved to 4.3 percent on year and 8.5 percent on quarter.
Upon the release of the data, the MTI said it will maintain its GDP growth forecast for 2013 at 1.0 to 3.0 percent.
"Fiscal uncertainties in the U.S. remain with the failure of Congress to raise the debt ceiling, while the Eurozone is prone to a potential flare-up of the sovereign debt crisis. Other uncertainties include the risk of an escalation in regional geopolitical tensions, and a possible global outbreak of respiratory viruses," the MTI said.
For comments and feedback contact: editorial@rttnews.com
Economic News
What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.