Singapore’s economy up 2.7% in Q1

Singapore’s economy up 2.7% in Q1

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

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

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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 per cent year on year in the reporting quarter.

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


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