Singapore Economy Gets Temporary Boost From Manufacturing
- Growth in manufacturing, construction offset drop in services
- Government now sees non-oil exports declining in 2016
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Singapore’s economy performed better in the first quarter than the government had earlier estimated, led by a surge in manufacturing that may not be repeated as exports remain under pressure.
Gross domestic product expanded an annualized 0.2 percent from the previous three months, the Ministry of Trade and Industry in an e-mailed statement on Wednesday. That compares with the department’s April estimate of zero percent and the median forecast of 0.6 percent in a Bloomberg News survey of 12 economists.