Singapore economy grew 5.1% in Q1 as manufacturing accelerates
Singapore's economy grew by 5.1 per cent in the first quarter of 2014 from a year ago as an improvement in manufacturing offset a slowdown in services.
This according to flash estimates by the Ministry of Trade and Industry.
The growth rate was, however, lower than the median expansion of 5.4 per cent forecast by economists in a Bloomberg poll, and below the 5.5 per cent growth achieved in the previous quarter.
On a year-on-year basis, the manufacturing sector grew by eight per cent, following the seven per cent expansion in the previous quarter.
The faster pace of expansion was largely due to a sharp rebound in biomedical manufacturing output and stronger growth in chemicals output.
Services grew a more moderate 4.7 per cent.
The moderation in growth was largely due to slower expansion in the wholesale & retail trade and finance & insurance sectors.
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