Singapore Q1 GDP growth revised up to 1.7 pct q/q

Singapore's economy grew 4.4% in the first quarter of 2018, full-year GDP forecast now boosted to 2.5-3.5%

Singapore's economy grew 4.4% in the first quarter of 2018, full-year GDP forecast now boosted to 2.5-3.5%

Also according to the MTI, Singapore's economy grew 4.4 percent year on year in the first quarter of 2018, compared to the 3.6 percent growth in the previous quarter.

That was slower than the 2.1 percent expansion in the last quarter of 2017, but faster than the government's initial first quarter estimate, released on April 13, of 1.4 percent growth.

The finance & insurance sector accelerated to 9.1 per cent year-on-year, from 6.3 per cent in the previous quarter; while the business services sector grew by 2.8 per cent year-on-year, faster than the 0.4 per cent growth in the preceding quarter. The government remains on guard for negative effects stemming from US-China trade tensions and a global trend of rising interest rates.

They said imported inflation is likely to rise mildly.

She sees the chance of further tightening at the October MAS meeting versus a hold in the policy stance as around 50-50, with signs now that Japan and some key economies in Europe could be slowing down.

Gross domestic product (GDP) grew 4.4 percent in the first quarter from a year earlier. The trade ministry expects growth to broaden out to other sectors of the economy this year, even as construction continues to lag. Global oil prices have rallied since the start of the year and are expected to average higher for the full year compared with 2017.

The expansion has been supported largely by the city-state's manufacturing sector, especially electronics, although the upward revision was mainly due to an improvement in the services sector numbers.

The wholesale & retail trade expanded 3.0 percent, while construction sector contracted by 5.0 percent.

Rising trade tensions between the USA and China is among the biggest risks to global growth and export-reliant Singapore.

Despite the moderation in growth, the better than expected numbers prompted MTI to revise its full year growth forecast to 2.5 to 3.5 percent from the 1.5 to 3.5 percent announced previously.

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