Chart of the Day: Here's visual proof that Singapore's GDP growth is tumbling down

1Q13 data revealed a 1.4% dip.

According to Maybank Kim Eng, the advance estimate for 1Q 2013 real GDP showed the economy contracted by -1.4% ann. QoQ (4Q 2012: +3.3% ann. QoQ) and -0.6% YoY (4Q 2012: +1.5% YoY).

Singapore’s real GDP has been oscillating between expansion and contraction (or stagnation) in the past four quarters, dragged by manufacturing weakness.

Here's more from Maybank Kim Eng:

Manufacturing shrank -11.3% ann. QoQ and -6.5% YoY, underpinning the GDP declines. In contrast, services (+1.8% ann. QoQ; +1.2% YoY) and construction expanded (+15.1% ann. QoQ; +7.0% YoY).

Adjust our 2013 real GDP growth forecast, but maintain the view it will be better than 2012. We revised our forecast for Singapore’s 2013 real GDP growth slightly downward to +2.3% from +3.0% previously (2012: +1.3%). The official real GDP growth forecast for 2013 remains at +1% to +3%.