By Ronnie Harui
SINGAPORE–Singapore’s economy grew at a slower pace in the first quarter of 2023, mainly owing to contraction in goods-producing industries.
Gross domestic product expanded 0.1% in the quarter ended March from a year earlier, according to advance estimates released by the Ministry of Trade and Industry on Friday. That was slower than the revised 2.1% growth in the fourth quarter of 2022, and missed the 0.6% growth expected by nine economists polled by The Wall Street Journal.
Goods-producing industries shrank 4.1% in the first quarter, sharper than the 1.1% contraction recorded in the fourth quarter, while services-producing industries expanded 1.8%, slowing from 4.0%.
Manufacturing contracted 6.0% in the first quarter of 2023, accelerating from the 2.6% contraction in the prior quarter. Construction grew 8.5%, slowing from the 10.0% expansion in the fourth quarter.
Singapore’s GDP contracted 0.7% in the first quarter of 2023 on a quarter-over-quarter seasonally adjusted basis, the advance estimates showed. That compared with 0.1% expansion in the fourth quarter.
Write to Ronnie Harui at ronnie.harui@wsj.com
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