SINGAPORE - A decline in the manufacturing sector caused Singapore's economy to contract in the first three months of the year, underperforming economists' expectations.
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Here is the full statement from the Ministry of Trade and Industry:
Based on advance estimates, the Singapore economy contracted by 0.6 per cent on a year-on-year basis in the first quarter of 2013, compared to the 1.5 per cent growth in the preceding quarter.
On a quarter-on-quarter seasonally-adjusted annualised basis, the economy contracted by 1.4 per cent, down from the 3.3 per cent growth in the previous quarter.
On a year-on-year basis, the manufacturing sector contracted by 6.5 per cent in the first quarter, following the 1.1 per cent decline in the previous quarter.
On a quarter-on-quarter basis, the sector declined by an annualised rate of 11.3 per cent, compared to the increase of 3.1 per cent in the preceding quarter. The sequential decline largely reflected a contraction in the output of the biomedical manufacturing cluster.
The construction sector grew by 7.0 per cent on a year-on-year basis, compared to 5.8 per cent in the preceding quarter.
On a quarter-on-quarter basis, the sector expanded by an annualised rate of 15.1 per cent, an improvement from the contraction of 3.9 per cent in the previous quarter.