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The government also released first quarter preliminary growth figures Friday based on data mostly from January and February. The city-state's economic growth slowed to 1.6 percent in the first quarter from a year earlier, the trade and industry ministry said. The government is forecasting growth of 1 percent to 3 percent this year, down from 4.9 percent last year. However, compared with the fourth quarter, the economy expanded a seasonally adjusted, annualized 9.9 percent and avoided a recession after falling 2.5 percent in the October to December period. Manufacturing, led by pharmaceuticals and electronics, rebounded strongly in the first quarter from a contraction in the fourth, buoyed by better than expected global demand. Construction and services also improved compared with the fourth quarter. "Today's message is clear: Singapore is reaccelerating," DBS bank said in a report.
[Associated
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