Singapore Records 0.4% Economic Growth in 1Q amid Weaker Outlook in 2023

Economic growth in Singapore rose 0.4% on a year-on-year basis for the first quarter of this year, beating the market’s estimates for a 0.1% increase.

However, a seasonally-adjusted GDP contracted 0.4% in 1Q23, compared to a 0.1% growth in the final quarter last year, according to the official data released on Thursday.

The Ministry of Trade and Industry said on Thursday that external demand outlook for the remaining of this year has weakened and growth should come in within the range of 0.5 to 2.5%

Trade Ministry Gabriel Lim said that spillovers from China’s services-led recovery are also expected to remain weak.