(MENAFN) Singapore's Ministry of Trade and Industry (MTI) said the country's economy expanded by 2.6 percent in the first quarter, accelerating from 2.1 percent growth in the prior quarter, Xinhua reported.
On a quarterly seasonally-adjusted annualized basis, Singapore's economy grew by 3.2 percent in the January-March period, moderating from the 4.9 percent growth in the fourth quarter of 2014.
In terms of sectors, the manufacturing sector contracted by 2.7 percent, continuing the 1.3 percent contract in the previous quarter, while finance and insurance sector expanded by 7.9 percent.
Meanwhile, growth in the construction sector improved to 3.1 percent on-year from 0.7 percent in the final quarter of last year, supported by a pick-up in private sector construction activities.
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