13 Apr '13, 4am

Singapore economy contracts 1.4 percent in Q1: govt: SINGAPORE — Singapore's trade-driven economy shrank in th...

Singapore economy contracts 1.4 percent in Q1: govt (AFP) – 20 hours ago SINGAPORE — Singapore's trade-driven economy shrank in the first quarter as demand for exports remained weak, but a robust construction sector cushioned the decline, preliminary government estimates showed Friday. Gross domestic product (GDP) for the three months to March contracted 1.4 percent from the preceding quarter, weighed down by an 11.3 percent shrinkage in the manufacturing sector, the Ministry of Trade and Industry said. But construction surged 15.1 percent, fuelled by a building frenzy in the housing market, and services climbed a modest 1.8 percent. On a year-on-year basis, GDP declined 0.6 percent, the ministry said in a statement releasing preliminary estimates for the quarter based on two months of data. The trade ministry said the contraction in manufacturing -- which accounts for abo...

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