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Singapore's economy grew by 1.6 percent year-on-year in the firstquarter of 2012, slower than 3. 6 percent growth in the precedingquarter, Singapore's Ministry of Trade and Industry announced onThursday. On a quarter-on-quarter seasonally-adjusted annualised basis, theeconomy expanded by 10.0 percent, reversing the 2.5 percentcontraction in the previous quarter, it said. The improved growth momentum was largely attributable to the upturnin the manufacturing sector. On a sequential basis, themanufacturing sector expanded by an annualised rate of 19.8percent, reversing the 11.1 percent contraction in the previousquarter. The ministry said this turnaround was driven by increasedproduction across all key manufacturing clusters, notablyelectronics and precision engineering. On a year-on-year basis, however, the sector contracted by 1.0percent due to a high base a year ago. The construction sector grew by 7.7 percent on a year-on-yearbasis, an improvement from the 2.9 percent growth in the precedingquarter. On a sequential basis, the sector rebounded by anannualised rate of 32.1 percent, largely due to increasedconstruction activities in the residential and institutionalbuilding segments. The wholesale and retail trade sector contracted by 0.3 percent ona year-on-year basis, following the marginal growth of 0.9 percentin the preceding quarter. On a sequential basis, the sectorcontracted by an annualised rate of 2.3 percent. This weakperformance was mainly attributable to a decline in re-exportvolume which negatively affected the wholesale trade segment. The transportation and storage sector continued to see moderategrowth, at 3.5 percent compared to a year ago and 1.5 percent (annualised) on a sequential basis. Growth in the finance and insurance sector moderated to 0.8 percenton a year-on-year basis, from 3.5 percent in the preceding quarter.On a sequential basis, the sector contracted for the secondconsecutive quarter, by 3.4 percent (annualised), partly due tosluggishness in fund management activities. In contrast, the business services sector posted a faster year-on-year growth of 3.5 percent and a strong sequential gain of 12.7percent (annualised), largely due to a pick-up in real estatetransaction volume. Supported by healthy visitor arrivals, tourism-related sectorscontinued to expand. The accommodation and food services and otherservices industries (which include arts, entertainment andrecreation activities) grew by 4.0 and 5.1 percent respectively,compared to a year ago. We are high quality suppliers, our products such as LED Tunnel Light Manufacturer , Dimmable Led Lights Manufacturer for oversee buyer. To know more, please visits LED Industrial Lights.
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