Singapore growth makes big jump

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raffles-placeThe stronger manufacturing sector and better global outlook should have helped the Singapore economy pick up the pace in the first quarter, say local economists.

They tip that the economy grew 5.4 per cent in the first three months over the same period last year – partly due to a low base in 2013 when growth rose a meagre 0.6 per cent, The Straits Times reported.

Still, economists say manufacturing is looking brighter after spending much of last year in the doldrums while the services and construction sectors also remain robust despite challenges from restructuring.

Their forecasts come ahead of advance estimates that will be released by the Ministry of Trade and Industry on April 14.

Manufacturing, which accounts for a fifth of the economy, led overall growth in the first quarter aided by a modest uptick in exports, said Bank of America Merrill Lynch economist Chua Hak Bin.

OCBC economist Selena Ling estimates that the sector expanded 6.4 per cent in the first three months of the year, boosted mainly by stronger electronics output.

Electronics production, which accounts for nearly a third of manufacturing output, expanded 11.1 per cent in the first two months of 2014, compared with the same period last year.

Overall factory output grew 12.8 per cent in February over the same month a year ago, and 4.4 per cent in January.

Data for March will be out on April 25.

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Reading Time: 1 minute

The stronger manufacturing sector and better global outlook should have helped the Singapore economy pick up the pace in the first quarter, say local economists.

Reading Time: 1 minute

raffles-placeThe stronger manufacturing sector and better global outlook should have helped the Singapore economy pick up the pace in the first quarter, say local economists.

They tip that the economy grew 5.4 per cent in the first three months over the same period last year – partly due to a low base in 2013 when growth rose a meagre 0.6 per cent, The Straits Times reported.

Still, economists say manufacturing is looking brighter after spending much of last year in the doldrums while the services and construction sectors also remain robust despite challenges from restructuring.

Their forecasts come ahead of advance estimates that will be released by the Ministry of Trade and Industry on April 14.

Manufacturing, which accounts for a fifth of the economy, led overall growth in the first quarter aided by a modest uptick in exports, said Bank of America Merrill Lynch economist Chua Hak Bin.

OCBC economist Selena Ling estimates that the sector expanded 6.4 per cent in the first three months of the year, boosted mainly by stronger electronics output.

Electronics production, which accounts for nearly a third of manufacturing output, expanded 11.1 per cent in the first two months of 2014, compared with the same period last year.

Overall factory output grew 12.8 per cent in February over the same month a year ago, and 4.4 per cent in January.

Data for March will be out on April 25.

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