Singapore posts solid first quarter growth on manufacturing

SINGAPORE (May 24): Singapore’s economy remained on solid footing in the first quarter, with the government expressing more certainty of a steady pace in 2018 as global trade risks and tightening financial conditions allow for a patient monetary policy.

Gross domestic product rose at a seasonally adjusted, annualised rate of 1.7% from the prior three months, trade ministry said Thursday; Bloomberg survey median was 1.6%, while government’s previous projection was 1.4% GDP expanded 4.4% in the first quarter from the same period in 2017, in line with median estimate.

The rate of expansion from a year earlier gave the trade ministry enough confidence to narrow its growth forecast for 2018 to 2.5 to 3.5%, from a prior range of 1.5 to 3.5%. Manufacturing showed particular strength while construction expanded on an annual basis for the first time in a year.

---

Related Stories

• Singapore's economic rebound not likely 'vibrant': PM Lee
• Singapore: Bouncing back to health?

---