Singapore's First Quarter GDP Contracts Less Than Previously Estimated

By Gaurav Raghuvanshi Features Dow Jones Newswires

Singapore's gross domestic product contracted less than previously estimated in the first quarter, helped by strength in manufacturing and construction.

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GDP shrank 1.3% on a seasonally adjusted and annualized basis compared with the previous quarter, according to revised estimates released by the Ministry of Trade and Industry on Thursday. That compared with a 1.9% decline according to preliminary estimates released last month and comes after a 12.3% expansion in the fourth quarter of last year.

The island nation's economy is estimated to have expanded 2.7% compared with a year ago in the first quarter, faster than the 2.5% growth estimated last month. GDP had increased 2.9% from the year before in the fourth quarter.

Manufacturing output grew 8.0% from the year before, compared with an 11.5% rise in the fourth quarter. The services sector grew 1.6% from a year ago in the three-month period, while the construction sector shrank 1.4%, the data showed.

-- Write to Gaurav Raghuvanshi at gaurav.raghuvanshi@wsj.com

(END) Dow Jones Newswires

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May 24, 2017 20:22 ET (00:22 GMT)