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Economic growth picked up pace in the first
quarter of 2008. Advance estimates[1] show that real gross domestic
product (GDP) rose by 7.2 per cent on a year-on-year basis in the first
quarter, faster than the 5.4 per cent gain in the final quarter of 2007.
On a quarter-on-quarter seasonally adjusted annualised basis, real GDP
expanded by 16.9 per cent, after declining by 4.8 per cent in the
previous quarter. |
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The manufacturing sector is
estimated to have expanded by 13.2 per cent in the first
quarter, compared with a 0.2 per cent growth in the fourth
quarter of 2007. This was largely due to a surge in the output
of the biomedical manufacturing cluster, following its
contraction in the previous quarter. |
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The rest of the manufacturing clusters also
enjoyed better performance in the first quarter with the exception of
the transport engineering and precision engineering clusters whose
growth moderated. |
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The construction sector is estimated to have
grown by 14.6 per cent in the first quarter, after a 24.3 per cent gain
in the preceding quarter. |
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The services producing industries are
estimated to have grown by 7.6 per cent in the first quarter,
similar to the 7.7 per cent in the previous quarter. Financial
services continued to be the fastest growing among the services
sectors. |
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The preliminary GDP estimates for the
first quarter of 2008, including performance by sectors, sources of
growth, inflation, employment and productivity, will be released in
May 2008 in the Economic Survey of Singapore. |
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MINISTRY OF TRADE AND INDUSTRY
10 April 2008 |
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1 The advance GDP estimates for first quarter 2008
are computed largely from the first two months of the quarter (i.e.
January and February 2008). They are intended as an early indication
of the GDP growth in the quarter, and are subject to revision when
more comprehensive data becomes available |
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Source:
www.mti.gov.sg Press Release 10
Apr 2008 |
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Advance GDP Estimates for First
Quarter 2008