April 14, 2021 | 18:01 (GMT+7)
Singapore’s economy grows 0.2 percent in Q1
The Singaporean economy grew 0.2 percent in the first quarter of this year, a positive signal compared to a 2.4 percent contraction in the fourth quarter of 2020.
The growth was fuelled by an expansion of 7.5 percent in manufacturing sector, 3.7 percent in information-communications, finance-banking and professional services.
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A corner of Marina Bay in Singapore. (Photo for illustration) |
The construction sector contracted by 20.2 percent year-on-year, improving from the 35.9 percent decline in the previous quarter. The improvement came on the back of a pickup in public and private sector construction activities in the first quarter as compared to the previous quarter, said the Singaporean Ministry of Industry and Trade.
Last year, Singapore’s gross domestic product suffered a 5.4 percent contraction, marking the first recession since 2001.
In a report released in February, the ministry forecast that Singapore’s economy will recover gradually this year and achieve a growth of 4-6 percent.
Source: VNA