May 24, 2018 / 12:08 AM / a month ago

Singapore Q1 GDP growth revised up to 1.7 pct q/q

SINGAPORE, May 24 (Reuters) - Singapore’s first quarter economic growth was revised higher, with firm expansion in the city-state’s manufacturing sector, data showed on Thursday.

The economy grew 1.7 percent in the January-March quarter from the previous three months on an annualised and seasonally adjusted basis, revised final figures from the Ministry of Trade and Industry showed.

The government’s initial estimate, released on April 13, had showed the economy grew 1.4 percent.

Gross domestic product grew 4.4 percent in the first quarter from a year earlier, faster than the advance estimate of 4.3 percent growth.

The MTI also revised its GDP forecast range for 2018 to 2.5 to 3.5 percent, from 1.5 to 3.5 percent previously.

The median forecast of 11 analysts in a Reuters poll predicted 1.4 percent quarter-on-quarter growth and a 4.3 percent annual expansion.

The city-state’s economy grew 3.6 percent in 2017, the ministry said, the fastest pace in 3 years. (Reporting by Fathin Ungku; Editing by Sam Holmes)

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