S’pore’s Q1 GDP grows 7.2% year-on-year

S’pore’s Q1 GDP grows 7.2% year-on-year
SINGAPORE: Economic activity in Singapore has continued to stay firm, and the advance estimates released by the Ministry of Trade and Industry on Thursday showed GDP expanded by 7.2 per cent on a year-on-year basis in the first quarter.

Despite the slowdown in the US economy and the turbulence in financial markets, economic growth in Singapore picked up pace in the first three months of 2008.

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.

The economic growth in the first quarter was broad-based, with the manufacturing, construction, financial services and transport hub services sectors contributing to sustained economic activity.

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. - CNA/ac
Source : Channel NewsAsia  - 10 April 2008

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