Singapore’s GDP growth in Q1 lower than expected

The Singaporean economy grew only 0.1% year-on-year in the first quarter of 2023, slowing from 2.1% growth in the previous quarter, according to official estimates released by the Ministry of Trade and Industry (MTI) on April 14.

Friday, April 14, 2023 11:08

Singapore’s GDP growth in Q1 lower than expected ảnh 1

Illustrative image (Photo: VNA)

Singapore (VNA) - The Singaporean economy grew only 0.1% year-on-yearin the first quarter of 2023, slowing from 2.1% growth in the previous quarter,according to official estimates released by the Ministry of Trade and Industry(MTI) on April 14.

The figure is lower than the 0.6% expected by 19 economistsin a Reuters poll.

The manufacturing sector contracted by 6% year-on-year inthe first quarter of 2023, worsening from the 2.6% contraction in the previousquarter.

The weak performance of the sector was due to outputcontractions across all the manufacturing clusters, except for the transportengineering cluster.

Meanwhile, the construction sector grew by 8.5% year-on-year in thefirst reviewed period, down from the 10% growth in the previous quarter.

According to the MTI, the advance GDP estimates are computedlargely from data gathered in the first two months of the quarter.

They are intended as an early indication of GDP growth inthe quarter and are subject to revision when more comprehensive data becomeavailable.

The government projected GDP growth of 0.5-2.5% for thisyear, lower than the 3.6% of last year./.

VNA

#Singaporean economy #first quarter of 2023 #Ministry of Trade and Industry #Vietnam #Singapore #Vietnamplus #Vietnam News Agency Singapore

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