Singapore Economy Expands Slower Than Expected in First Quarter

Swati Pandey
·1 min read
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(Bloomberg) -- Singapore’s economy expanded slower than economists forecast, as a spending boost from increased tourism spurred by Taylor Swift concerts failed to offset a decline in manufacturing output.

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Gross domestic product grew 0.1% in the quarter ended March from the prior three months, according to advance estimates Friday from the Ministry of Trade and Industry. That was slower than the median 0.5% gain forecast by economists in a Bloomberg survey, and follows the 1.2% pace in the three months ended December. On a year-on-year basis, the economy expanded 2.7% last quarter.

Services producing industries grew 1.2% on a sequential basis, while manufacturing and construction contracted 2.9% and 1.7%, respectively.

Trade-reliant Singapore’s non-oil exports have fallen in 10 out of the past 12 months. It had declined in February while factory output jumped and services sector showed relative strength. Finance Minister Lawrence Wong had, in February, said the external environment has “darkened dramatically” while an aging population at home also poses challenges.

--With assistance from Tomoko Sato and Kevin Varley.

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