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Unexpected construction sector growth driven by more private residential projects in Q1
The sector surged 13.8% quarter-on-quarter.
The construction sector was the star performer in today’s lacklustre Q1 GDP print, after posting an unexpected 13.8% quarter-on-quarter surge in the first three months of the year.
The Ministry of Trade and Industry (MTI) noted that the growth was driven by a pick-up in private sector construction activities.
However, DBS warned that in spite of the upside surprise, policy curbs will continue to weigh on the sector in the near-term.
“The cooling of the property market as well as the foreign manpower curbs put in place over the past few years will remain key challenges for this sector,” DBS noted.
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