Singapore's GDP in the first quarter increased at the slowest pace in 10 years

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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