Singapore's gross domestic product grew 5.1% on the year in the first quarter of 2014, according to preliminary estimates released Monday by the Ministry of Trade and Industry.
On a quarter-on-quarter, seasonally adjusted annualized basis, the economy expanded by 0.1%.
The growth for the three months to March 31 was down slightly from the previous quarter's 5.5% expansion. The manufacturing and construction sectors helped drive the increase, while growth in the service sector slowed.
The manufacturing sector grew 8.0%, supported by a sharp recovery in biochemical production and stronger growth in chemical output. The construction sector expanded 6.5%, faster than 4.8% increase in the preceding quarter. Growth in services slowed to 4.7% from the previous quarter's 5.9%.
Also on Monday, the Monetary Authority of Singapore issued one of its twice-yearly policy statements, in which it said it would maintain the pace of the Singapore dollar's "modest and gradual appreciation." The continued tightening of its monetary policy reflects the MAS's efforts to contain the pressure that higher wages are placing on consumer prices.
