SINGAPORE — Singapore’s economy expanded at a slower-than-expected pace in the first quarter of 2022, mainly due to moderating growth in the manufacturing, construction and services-producing industries.
Gross domestic product expanded 3.4% in the January-to-March period from a year earlier, according to advance estimates released by the Ministry of Trade and Industry on Thursday. That missed the 3.8% growth expected by 10 economists in a Wall Street Journal survey and compared with a revised 6.1% growth in the fourth quarter of 2021.
Manufacturing grew 6.0% in the first quarter, down from 13.2% expansion in the fourth quarter. Goods-producing industries expanded 5.3% in the first quarter, slowing from the prior quarter’s 13.4% growth.
Construction grew 1.8% in the first quarter, sharply slowing from the 20.1% expansion in the fourth quarter. Services-producing industries expanded 3.9%, compared with 5.6% in the previous quarter.
On a quarterly basis, GDP grew a seasonally adjusted 0.4% in the first quarter from the fourth quarter of last year, the advance estimates showed. That missed the 1.0% expansion expected by nine economists in the Wall Street Journal survey and compared with a revised 2.3% expansion in the fourth quarter.