Singapore Q1 GDP tops forecasts on higher manufacturing

Article content

SINGAPORE — Singapore’s economy expanded more than initially estimated in the first quarter, helped by stronger-than-expected manufacturing, official data showed on Tuesday.

Gross domestic product (GDP) grew 1.3% year-on-year in the first quarter, the Ministry of Trade and Industry (MTI) said, higher than the 0.2% growth seen in the government’s advance estimate.

Analysts had expected a 0.9% increase, according to a Reuters poll.

Considering the larger-than-usual degree of uncertainty over the course of the pandemic globally as well as the domestic situation, MTI said it would maintain its GDP growth forecast for 2021 at 4% to 6% for now. The outlook will be reviewed in August.

The government had last month said it expected growth to exceed the upper end of the forecast range, recovering from the recession induced by the COVID-19 pandemic in 2020, its worst on record.

“The pace of recovery of the various sectors of the economy this year is likely to be more uneven than earlier expected,” the MTI said.

On a quarter-on-quarter seasonally-adjusted basis, the economy expanded by 3.1% in the first quarter.

The city-state is often seen as a bellwether for global growth as international trade dwarfs its domestic economy.

The central bank maintained its accommodative monetary policy at its last meeting in April.

Singapore this month re-imposed some restrictions on social gatherings, the toughest since exiting a lockdown last year, to combat a recent spike in local COVID-19 infections. (Reporting by Chen Lin and Aradhana Aravindan in Singapore; Editing by Sam Holmes)

Source link


Wall Street stocks bounce back after inflation scare

Wall Street stocks recovered on Thursday, after being pushed lower for three consecutive sessions by fears that central banks will withdraw crisis-era support...

Tips To Delivering The Best Customer Service

Any company would want its representative to be enthusiastic about providing outstanding service to its clients. However, most businesses' challenge is encouraging staff to...

Will Blockchain Change The Construction Industry?

The construction industry is one of the most critical industries in the world. Every day, people rely on construction workers to build everything from...

The Best Reasons to Stay at Leela Goa’s Luxury Accommodations

So, where are you planning to go on vacation this year? That is fantastic, in my opinion. But, apart from your own end of...

Urgent Care Billing: 3 Things You Should Know

Sometimes, your health takes a turn out of the blue. These changes often strike on weekends or other times when your doctor doesn't have...