Singapore’s GDP grew 0.4% y/y, beating advanced estimates


SINGAPORE (Reuters) – Singapore’s economy grew 0.4% 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% released in April.

On a quarter-on-quarter seasonally-adjusted basis, the economy contracted 0.4%, a reversal from the 0.1% growth in the fourth quarter of 2022.

The trade ministry is maintaining its GDP growth forecast at 0.5% to 2.5% this year, with growth likely to come in at around the mid-point of the range.

(Reporting by Xinghui Kok; Editing by Sam Holmes)