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


Grammy Awards 2023: Adele stuns in gorgeous long red dress while attending with boyfriend Rich Paul

Best American Roots PerformanceAaron Neville & The Dirty Dozen Brass Band - Stompin’ Ground - WINNERAoife O’Donovan & Allison Russell - Prodigal...

Crispr gene-editing ‘revolution’ treats internal organ for first time

A US start-up has successfully treated the first patients using a Crispr gene-editing therapy directed inside the body to an internal organ. The...

Oscar nomination celeb reactions 2023: Jamie Lee Curtis showcases ‘WHAT SURPRISE LOOKS LIKE’

Jamie Lee Curtis showcased her jaw-dropping reaction she earned a Best Supporting Actress nod   when Oscar nominations were announced on Tuesday. The 64-year-old actress...

Brendan Fraser reveals he didn’t speak with Dwayne ‘The Rock’ Johnson on 2002’s The Mummy Returns

Brendan Fraser reveals he didn't speak with Dwayne 'The Rock' Johnson...

Twitter slams Leo DiCaprio, 48, over ‘romance’ with Eden Polani, 19

He's known for dating models under the age of 25. But it looks like Titanic star Leonardo DiCaprio, 48, has sunk to new depths...