Singapore’s GDP grew 0.4% y/y, beating advanced estimates
SINGAPORE – Singapore’s economy grew 0.4 percent on a year-on-year basis in the first quarter of 2023, data released on Thursday showed.
This was higher than the advanced GDP estimate of 0.1 percent released in April.
On a quarter-on-quarter seasonally-adjusted basis, the economy contracted 0.4 percent, a reversal from the 0.1 percent growth in the fourth quarter of 2022.
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The trade ministry is maintaining its GDP growth forecast at 0.5 percent to 2.5 percent this year, with growth likely to come in at around the mid-point of the range.
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