Economy grows, but pick-up uneven

 Singapore's economy grew 2.5 per cent in the first three months of the year.
Singapore's economy grew 2.5 per cent in the first three months of the year.PHOTO: ST FILE

Singapore's economy grew 2.5 per cent in the first three months of the year, as a more sanguine global outlook lifted trade-related sectors such as manufacturing.

However, the pick-up in growth was not broad-based. Some segments of manufacturing did less well, while growth in the service sector remained tepid and construction output shrank compared with the same period a year earlier.

This uneven performance prompted the Monetary Authority of Singapore to keep the exchange rate policy unchanged in its latest policy review, also released yesterday.

This means the Singapore dollar exchange rate policy band will remain on a path of zero appreciation against the currencies of key trading partners.

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A version of this article appeared in the print edition of The Straits Times on April 14, 2017, with the headline 'Economy grows, but pick-up uneven'. Print Edition | Subscribe