Singapore GDP up 2.7% in Q1

The growth was mainly driven by the services sector.

Singapore.- Singapore’s Ministry of Trade and Industry (MTI) has reported that the country’s gross domestic product (GDP) was up 2.7 per cent in the first quarter of the year, driven by a growth in the services sector, particularly in accommodation services, due to a rise in international visitor arrivals.

The services sector saw 3.2 per cent growth in the first three months of the year. However, the manufacturing sector, which heavily relies on exports saw just a 0.8 per cent increase compared to 1.4 per cent in the previous quarter. The electronics segment experienced a contraction, offsetting expansions in chemicals and precision engineering. The construction industry saw 4.3 per cent growth compared to 5.2 per cent in the previous quarter.

See also: Singapore received 1.44 million visitors in February

Looking ahead, Singapore projects economic growth between 1 per cent and 3 per cent, with expectations of a rebound in semiconductor exports and other key sectors.