Singapore's economy in the first quarter grew at the slowest pace in almost 10 years, having increased by 1.2% compared to the same period last year. In the previous quarter, GDP growth was at 1.7%. The Ministry of Trade and Industry of Singapore estimates that such a significant slowdown is due to a decline in production due to ongoing trade disputes between the United States and China. Relative to the fourth quarter of 2018, when growth was at the level of 0.8%, the economy in the first three months of the current year increased by 3.8%, taking into account seasonal factors. In the construction sector, which in the previous 10 quarters showed a decrease, an annual increase of 2.9% was recorded. Compared with the fourth quarter, the figure increased by 14%. Production output fell by 0.5% for the year and by 7.1% for the quarter. The Singapore authorities have lowered the upper limit of GDP growth forecast for 2019 from 3.5% to 2.5%, while keeping the lower limit at 1.5%.
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