SECTOR Achievements
In the first quarter of 2024, the manufacturing industry increased by 0.8 % year over year, a slight improvement from the 1.4 % expansion in the previous quarter.  ,
” Within the field, production expansions in the chemicals, precision engineering and carry executive clusters more than offset result contractions in the electronics, biological manufacturing and general manufacturing clusters”, said MTI.
The market shrank by 2.9 % in the first quarter, a inversion from the 4.5 % rise in the third quarter of 2023, on a quarter-on-quarter seasonally-adjusted basis.
However, the construction industry expanded by , 4.3 per share yr- on- year in the second quarter, extending the 5.2 per cent growth in the last quarter of 2023.  ,
MTI claimed that despite a decline in private sector building output, the growth during the quarter was fueled by a rise in common sector construction output.
On a third- on- third regionally- fixed foundation, the business contracted by 1.7 per cent in the first quarter, a pullback from the 2.0 per cent expansion in the preceding quarter.
Wholesale and retail trade, transportation and storage, and other services sectors all increased by 2.7 % year over year in the first quarter, accelerating from the previous quarter’s 1.0 % growth.
During the fourth, the group’s entire business expanded.  ,
For the retail trade business, expansion was driven by equipment, equipment and supplies. It was also driven by a different range of products such as aluminum, home equipment, forest and building materials.  ,
However, progress in the travel &, store field was generally supported by the water and air transport segments.
The sectors in the group increased by 1.4 percent in the first quarter, a turnaround from the 0.7 % contraction in the fourth quarter of 2023, on a quarter-on-quarter seasonally-adjusted basis.
The group of sectors comprising the information &, communications, finance &, insurance and professional services sectors grew by 4.2 per cent year- on- year in the first quarter, faster than the 3.6 per cent growth in the previous quarter.
During the quarter, all of the group’s sectors expanded.
The growth in the information and communications sector was boosted by the continued strong demand for digital and IT solutions, while the growth in the professional services sector was primarily driven by the segment known as the “head offices & business representative offices,” according to MTI.  ,
” The strong performance of the banking and activities auxiliary to financial services segments contributed to the expansion of the finance and insurance sector.”
On a quarter- on- quarter seasonally- adjusted basis, the sectors as a group shrank by 4.2 per cent in the first quarter, a reversal from the 4.4 per cent growth in the preceding quarter.
The remaining group of services such as accommodation and food services, real estate, administrative and support services, and other sectors, expanded at 2.9 per cent year- on- year in the first quarter of 2024.  ,
This was higher than the 2.0 % increase that was seen in the fourth quarter of 2023.
All sectors within the group, except for the administrative and support services sector, expanded during the quarter.
” In particular, the accommodation sector saw robust growth due to a strong recovery in international visitor arrivals”, said MTI.
The sectors in the group collectively increased by 2.2 % in the first quarter, a turnaround from the 0.7 % contraction in the fourth quarter of 2023, on a quarter-on-quarter seasonally-adjusted basis.
The preliminary GDP estimates for the first quarter of 2024, including performance by sectors, sources of growth, inflation, employment and productivity, will be released in the Economic Survey of Singapore in May 2024.