Economic growth slows to 1.1% in Q1 on back of sharp manufacturing slowdown

Way slower than the 4.9% growth in Q4.

Singapore’s economic growth slowed to 1.1% on a quarter-on-quarter basis in the first quarter of the year, down from the 4.9% quarter-on-quarter growth posted in the fourth quarter.

Data from the Ministry of Trade Industry showed that manufacturing contracted by 2.3% QoQ, extending the 2.5% decline in the previous quarter.

The services sector also contracted by 0.4% on a quarter-on-quarter basis, reversing the 7.8% growth in Q4.

Meanwhile, the construction sector posted a robust 13.8% quarter-on-quarter growth in the first quarter, versus a very modest 2.2% growth in Q4. 

On a year-on-year basis, GDP grew by 2.1% in Q1, much slower than the 4.6% growth in the same period last year.