Singapore's GDP expands by 3.4 percent in Q1

Monday, 18/04/2022 10:30
Singapore's Ministry of Trade and Industry recently announced that the country's gross domestic product (GDP) grew by 3.4 percent year on year in the first quarter of 2022, moderating from the 6.1 percent growth in the previous quarter, reported Xinhua news agency.
The skyline of Singapore in the evening.(Photo: english.news.cn)

Singapore's manufacturing sector expanded by 6 percent year on year in the first quarter, contracting from the 15.5 percent growth in the previous one. The continued growth was supported by output expansions in all sectors, except for the chemicals cluster.

The construction sector grew by 1.8 percent against the same period last year in Q1, following the 2.9 percent growth in the previous quarter.

The value-added of the sector remained 25.3 percent below its pre-COVID-19 level in Q1 2019, as activity at construction worksites continued to be weighed down by labour shortages.

Meanwhile, the services-producing industries expanded by 3.9 percent year on year, compared to the 4.4 percent expansion in the previous quarter.

The advanced GDP estimates were computed largely from data in the first two months of the quarter, according to the Singaporean ministry.

These figures are intended as an early indication of the GDP growth in the quarter, and are subject to revision when more comprehensive data become available./.

CPV (Source: VNA)

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