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Singapore’s economy grows by 0.4% in Q1

Singapore’s economy grew by 0.4% on a year-on-year basis in the first quarter of 2023, lower than the 2.1% expansion in the previous quarter, the Ministry of Trade and Industry announced on May 25.
Singapore’s economy grows by 0.4% in Q1 ảnh 1Illustrative image (Photo: thestar.com.my)
Hanoi (VNA) - Singapore’s economy grew by 0.4% on a year-on-year basisin the first quarter of 2023, lower than the 2.1% expansion in the previousquarter, the Ministry of Trade and Industry announced on May 25.

On a quarter-on-quarter seasonally-adjusted basis, the MTI saidthe Singaporean economy contracted by 0.4%, a reversal from the 0.1% growth in the fourthquarter of 2022.

On sectoral performance, the manufacturing sector shrank by5.6% year-on-year, worsening from the 2.6% contraction in the precedingquarter.

Meanwhile, the construction sector expanded by 7.2%year-on-year, extending the 10% growth in the previous quarter, with bothpublic and private sector construction output increased during the quarter.

In a statement on the country’s economic performance for thequarter, the ministry said it maintained Singapore’s 2023 Gross DomesticProduct (GDP) growth forecast at 0.5 to 2.5%, with growth likely to come in ataround the mid-point of the range.

The Singaporean economy expanded by 3.6% in 2022./.
VNA
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