Did Singapore's economy fare well in 1Q12?

As manufacturing headed south by -2% and construction grew by 6.2%, the Ministry of Trade and Industry estimates expansion.

The 1.6% growth was lower than the 3.6% in 4Q11, but it was better than the street’s expectations.

Here's more from OCBC Investment Research:

According to advance estimates from the Ministry of Trade and Industry (MTI), Singapore’s economy expanded by 1.6% YoY in 1Q12, lower than the 3.6% growth in 4Q11, but better than the street’s expectations of a 1.0% expansion.

On a seasonally adjusted QoQ annualized basis, the economy grew by 9.9% vs. 4Q11’s 2.5% contraction.

Manufacturing growth headed south to -2% YoY after 4Q11’s 9.2% expansion, due to a high base in 1Q11. However, the sector grew 14.7% QoQ, supported by electronics and precision engineering. Construction grew by 6.2% YoY, up from 2.9% in 4Q11.

As for services, growth was 2.9% compared to 2.1% in the previous quarter.

Meanwhile, the MAS will continue with the policy of a modest and gradual appreciation of the S$NEER band, but the slope will be increased slightly, as there will be no change to the centre of the band. A narrower policy band will also be restored to help anchor inflation expectations.

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