Advance
GDP Estimates for First Quarter 2003
Advance
estimates show that gross domestic product (GDP) in first quarter
2003 increased by 1.5 per cent, in real terms, over the same period
in 2002. On an annualised quarter-on-quarter basis, real GDP rose
by 0.7 per cent, compared with a growth of 0.4 per cent in the previous
quarter.
The
manufacturing sector is estimated to have grown by 5.5 per cent.
The moderation in growth can be attributed mainly to slower activity
in the electronics industry. The construction sector, on the other
hand, is estimated to have contracted by 10 per cent due to the
sluggish property market.
Services-producing
industries are estimated to have grown by 0.7 per cent. Almost all
services sectors registered poorer performance due to uncertainties
in economic conditions.
Gross
Domestic Product at 1995 Market Prices
(* Advance Estimates)
(Percentage change over corresponding period of previous year) |
| |
1Q02 |
2Q02 |
3Q02 |
4Q02 |
2002 |
1Q03* |
| Overall
GDP |
-1.5 |
3.8 |
3.8 |
3.0 |
2.2 |
1.5 |
| Manufacturing |
-4.7 |
13.5 |
15.5 |
9.9 |
8.3 |
5.5 |
| Construction |
-8.8 |
-11.1 |
-11.5 |
-11.9 |
-10.8 |
-10.3 |
| Services-Producing
Industries |
0.6 |
1.7 |
1.6 |
1.9 |
1.5 |
0.7 |
The advance GDP estimates for first quarter 2003 were computed largely
from the first two months' data (i.e. January and February 2003),
as well as data (where available) and estimates for March. They are
intended as an early indication of the GDP growth in the quarter,
and will be revised when comprehensive data are available. The preliminary
GDP estimates for the quarter, including sectoral performances, sources
of growth, inflation, employment and productivity, will be released
in May 2003 in the Economic Survey of Singapore.
MINISTRY OF TRADE AND INDUSTRY
10 April 2003
|
