Singapore’s GDP grew 0.4% year-on-year, beating advanced estimates

Individuals stroll alongside the Marina Bay promenade subsequent to the monetary enterprise district in Singapore on Could 9, 2022.

Roslan Rahman | AFP | Getty Pictures

Singapore’s economy grew 0.4percent on a year-on-year foundation within the first quarter of 2023, official knowledge confirmed on Thursday, beating the advanced estimate of 0.1% launched final month.

On a quarter-on-quarter, seasonally-adjusted foundation, the economic system contracted 0.4%, a reversal from the 0.1% progress within the fourth quarter of 2022.

Gabriel Lim, commerce ministry everlasting secretary, mentioned the exterior demand outlook for the remainder of the 12 months had weakened.

“Other than the anticipated slowdown in the advanced economies, the electronics downcycle is more likely to be deeper and extra extended than earlier projected,” Lim informed a press convention.

“Spillovers from China’s services-led restoration are additionally anticipated to stay weak provided that providers actions are much less import-intensive than industrial actions.”

The commerce ministry is sustaining its gross home product progress forecast at 0.5% to 2.5% this 12 months, with progress more likely to are available in at across the mid-point of that vary.

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