Singapore's economy up 2.7 percent in Q1

Singapore
Photo: Xinhua

The Singapore economy grew by 2.7 percent year on year in the first quarter of 2024, faster than the 2.2 percent growth in the previous quarter, according to advance estimates issued by the Ministry of Trade and Industry Friday, Xinhua reports. 

The manufacturing sector grew by 0.8 percent year on year in the first quarter, moderating from the 1.4 percent expansion in the previous quarter.

The output expansions in the chemicals, precision engineering, and transport engineering clusters more than offset the output contractions in the electronics, biomedical manufacturing, and general manufacturing clusters, the ministry said.

Supported by the public construction output, the construction sector expanded by 4.3 percent year on year in the reporting quarter.

The services sector also recorded a 3.2-percent growth in the first quarter, up from 2.3 percent in the previous quarter.

Currently reading