Singapore exceeds Q1 growth expectations, but has an uneven recovery Business and Economic News
The government has not maintained its annual GDP forecast, but has warned that there is a higher level of uncertainty behind the usual than behind COVID.
Singapore’s economy has expanded more than expected in the first quarter and the government has maintained its annual growth forecast but has issued a cautious note on the recovery due to the uncertainties of the COVID-19 pandemic.
Gross domestic product (GDP) grew 1.3% year-on-year in the first quarter, the Ministry of Trade and Industry (MTI) said on Tuesday, higher than the 0.2 per cent growth seen in the government’s progress estimate.
Singapore maintains upbeat GDP forecast
Bloomberg
Singapore has stuck to its economic growth forecast for this year, seeing past the effect of restrictions imposed to stem an uptick in COVID-19 cases, while flagging that the global course of the pandemic remains a key risk.
GDP would rebound 4 to 6 percent this year, the Singaporean Ministry of Trade and Industry said in a statement yesterday, reiterating its previous forecast and citing improved performances by large economies such as the US.
The city-state’s GDP also grew more than previously estimated in the first quarter, the ministry said.
A man walks past closed food stalls in Singapore’s Chinatown district yesterday, after dining-in at restaurants and food courts was banned to help curb COVID-19.
Singapore exceeds first-quarter growth expectations, but faces an uneven recovery | Business & Economic News
The government did not maintain its GDP forecast for this year, but warned that due to COVID, the uncertainty will be greater than usual.
Singapore’s economic growth in the first quarter exceeded initial expectations. The government maintained its forecast for this year’s economic growth, but due to the uncertainty of the COVID-19 pandemic, it is cautious about the recovery.
The Ministry of Trade and Industry (MTI) said on Tuesday that gross domestic product (GDP) in the first quarter increased by 1.3% year-on-year, higher than the government’s previous estimate of 0.2%.