The economy in Singapore has been developing faster than previously anticipated for the first quarter of 2015. Experts list growth in construction and retail trade fields to have moved the reduction in production to be among the key reasons for the growth.
As per the statement of the Ministry of Trade and Industry, the gross domestic product (GDP) within three months of the first quarter of 2015 has increased on annual basis by 3.2% taking into account seasonal fluctuations and in comparison with the preliminary estimate of growth by 1.1% published last month. Within the last three months of last year the national economy has grown by 4.9%. As per the statement of the ministry of the state and according to forecasts of economists, GDP has increased by 2.6% within a year in comparison with an assessment in 2.1% last month.
The service sector has increased by 3.8% within the first three months of the year, accelerating growth from 3.2% in the previous quarter. The government have declared that the global economic situation remains generally invariable since the beginning of year, the country’s GDP growth will improve slightly this year in comparison with 2014.
Consumer prices have fallen in April faster than expected, against the proceeding reduction of housing prices and transportation costs. The consumer price index in April has decreased by 0.5% on an annual basis, while the experts interrogated by Dow Jones Newswires on average have expected a 0.1% decrease. In March, deflation in Singapore has amounted to 0.3%.