Here are Singapore's biggest growth pillars in 1Q13

Services sector rose 7.9%.

According to OCBC, the Singapore economy grew by a tepid 0.2% yoy (+1.8% qoq saar) in the first quarter, as the manufacturing sector contracted 6.8% yoy (-12.3% qoq saar).

In contrast, the key growth pillars were the services sector (+2.7% yoy and 7.9% qoq saar), backed by robust growth in financial & insurance sector (+10.5% yoy and 50.6% qoq saar), and the construction sector (+7.3% yoy and 16.5% qoq saar) which saw a boost from private sector building activities.

Here's more from OCBC:

While the economic signals remain mixed in the second quarter, with some signs of stabilization in the domestic electronics sector and a pickup in the biomedical cluster, the Singapore’s economy is unlikely to pick up significant speed in the second half of the year.

Recent haze conditions may also slightly complicate the recovery process. Our Q2 GDP growth forecast is 2.2% yoy (+11% qoq saar).

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