Singapore's gross domestic product contracted less than previously estimated in the first quarter, helped by strength in manufacturing and construction.
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.
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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.
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(END) Dow Jones Newswires
May 24, 2017 20:22 ET (00:22 GMT)