Singapore first quarter GDP increased 4.9%, substained economic growth and recovery.
Date：2014/06/19
Retrenchment of Singapore labour market inhibition supplement for oversea demand. Singapore Ministry of Trade and Industry today announced that moderate economic growth on first quarter, better than market expectations.
and reports, by stimulating by the manufacturing sector and economic recovery of development country, Singapore first quarter GDP was increased 2.3%. Substantial expansion compare to estimation of 0.1% on April. Compare to last year same season, Singapore economic growth of 4.9%, below the government expectation of 5.1%, and also fall below market expected of 5.5%.
DBS’s senior economist Mr. Irvin Seah said, currently the state economic is healthy, Singapore’s Central Bank will not change the existing policy. Singapore’s Central Bank in April said that, supporting by the development country, Singapore economic will sustain recovery, core inflation maintain upward trend.
Singapore is in the middle of 10 years economic transformation policy, currently hope to reduce dependence on foreign worker and attract new industries related to Research & Development. Southeast Asian has major impact from international trade demand, liable to economic fluctuations. Singapore Ministry of Trade and Industry said, even though slowdown in China’s economic expansion, but economic recovery of United States and the European is expected to beneficial Singapore’s economic.
Australia & New Zealand Banking Group Ltd. Economist Mr. Daniel Wilson pointed out, tightening of labor market inhibiting the manufacturing industry. Although Singapore’s economic market bounces by external stimulate, however energy economic has small potential compare with manufacturing industry.