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The Singaporean economy remained timid in the first quarter of 2016, with gross domestic product remaining unchanged from last quarter of 2015. The sluggishness in the economy is caused mainly due to the dip in services sector, which more than weighed on the growth of other sectors.
Sequentially, the Singaporean economy expanded by a nominal 0.2 pct q/q, at a seasonally adjusted rate. While manufacturing and construction contributed 23.3 pct and 10.5 pct (saar), compared to -4.9 pct and 6.0 pct q/q respectively, services sector plunged 5.9 pct compared to an upswing of 7.7 pct in the previous quarter.
Slower loan growth has also significantly contributed to the contraction, if not majorly, weakening the financial and economic activities of the country. Moreover, financial sector has remained the key driver of growth in the country since the past three years. With the bedrock tumbling, growth ought to have weakened.
Further, the growth of the economy is also directly dependent on the services sector, following its movement. With such a major dip in this sector, it became noticeable that the Singaporean economy faces downside risks in the coming quarters, DBS reported.
However, the manufacturing and construction sector reflects some positivity in the near future, with the numbers showing better-than-expected figures. Growth in the manufacturing sector has been revised up to -1.0 pct y/y, from -2.0 pct previously. In sequential terms, the sector surged by a whopping 23.3 pct compared to the previous quarter.
"The only saving grace is that the economy has averted a contraction but that is largely due to the boost from the biomedical cluster, which has little spin-off to the rest of the economy," DBS said in a research note.
Meanwhile, without support from the bio-medical cluster, the manufacturing sector would have contracted by a deeper 5.7 pct. With all its ups and downs, it has little impact on the rest of the economy except on the headline GDP growth.
