SINGAPORE, Singapore — Singapore's economy grew slower than expected in the first quarter, early data showed Friday, as a struggling manufacturing sector weighed on tourism spending from events including Taylor Swift's concerts.
Manufacturing, a pillar of the trade-reliant economy, rose 0.8 percent on-year and contracted 2.9 percent from October-December."In all likelihood, the slew of concerts which attracted many international visitors to Singapore's shores, did have a temporal boost to the consumer-facing industries, namely the hospitality and entertainment-related activities," said Selena Ling, chief economist at banking group OCBC.
There could also be "spillover effects" into March of spending from the Singapore Airshow, added Song, at financial services firm CGS International Singapore.In a separate announcement, the central bank Monetary Authority of Singapore kept its monetary policy unchanged for a fourth straight time, saying it needed to keep inflation in check.
The onset of the dry season coincides with the nation grappling with the continued effects of El Niño, anticipated to persist until May, according to national weather bureau PAGASA.