SINGAPORE, April 14 — Singapore’s Ministry of Trade and Industry (MTI) estimated that the republic’s economy grew by 0.1 per cent year-on-year in the first quarter of 2023 (1Q 2023), slower than the 2.1 per cent growth recorded in 4Q 2022.
The gross domestic product (GDP) estimates are largely based on data collected in the first two months of the quarter — an early indication of economic growth during the period, subject to revision when more comprehensive data are available, said MTI.
On a quarter-on-quarter seasonally-adjusted basis, the ministry said Singapore’s economy contracted by 0.7 per cent, a reversal from the 0.1 per cent expansion in 4Q 2022.
On sectoral performance, MTI said the manufacturing sector contracted by 6.0 per cent year-on-year (y-o-y) in 1Q 2023, worsening from the 2.6 per cent contraction in the previous quarter.
“The sector’s weak performance was due to output contractions across all the manufacturing clusters, except for the transport engineering cluster,” it said.
The construction sector, meanwhile, grew by 8.5 per cent y-o-y during the quarter, extending the 10.0 per cent growth in 4Q 2022, supported by expansions in both public and private sector construction output.
Among the services sectors, wholesale and retail trade, as well as transportation and storage sectors collectively contracted by 1.1 per cent, a reversal from the 2.4 per cent growth in 4Q 2022.
At the same time, the information and communications, finance and insurance and professional services sectors expanded by 1.9 per cent, moderating from the 2.5 per cent growth in the previous quarter.
Meanwhile, accommodation and food services, real estate, administrative and support services and other services sectors grew by 6.7 per cent y-o-y in 1Q 2023, compared with the 9.0 per cent growth in 4Q 2022.
