People walk along the Marina Bay promenade next to the financial business district in Singapore on May 9, 2022. Singapore’s economy expanded more than initially estimated in the first quarter, official data showed on Wednesday.
Roslan Rahman | Afp | Getty Images
Singapore’s economy expanded more than initially estimated in the first quarter, official data showed on Wednesday.
Gross domestic product (GDP) grew 3.7% year-on-year in the first quarter, the Ministry of Trade and Industry (MTI) said, higher than the 3.4% growth seen in the government’s advance estimate and matching analysts’ forecasts in a Reuters poll.
On a quarter-on-quarter seasonally adjusted basis, the economy expanded by 0.7%.
The MTI said it would maintain its 2022 GDP growth forecast at 3% to 5%, adding growth is more likely to come in at the lower half of the forecast range amid uncertainties due to the Russia-Ukraine conflict.