Business & Economy

Singapore revises Q1 GDP growth up to 1.3%

Bangkok, May 25 (EFE).- Singapore on Tuesday raised the expansion of the country’s gross domestic product (GDP) in the first quarter of the year to 1.3 percent, confirming the exit of the city-state’s economy from recession.

Preliminary data published in April had put the expansion of GDP in the first quarter of the year at 0.2 percent.

The growth was driven by the manufacturing sector, which expanded by 10.7 percent year-on-year between January and March, Singapore’s Ministry of Trade and Industry said in a statement.

The ministry maintained the GDP growth forecast for 2021 at 4 percent to 6 percent although it added that a review of the forecast would be undertaken in August “when there is another quarter of data, as well as greater clarity over the global and domestic economic situations.”

“While it is possible that the Singapore economy will outperform the ‘4 (percent) to 6 percent’ growth forecast for 2021, there are also significant downside risks” including ” the trajectory of the Covid-19 pandemic,” the ministry said.

These data do not take into account the current coronavirus surge in Singapore which led the country to impose strict measures on May 16 to prevent community transmission of the virus.

The measures will remain in place until Jun. 13. EFE


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