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.

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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