Singapore’s first quarter GDP rose 2.7 percent year-on-year as expected, the Ministry of Industry and Trade said on Thursday, as it affirmed the full-year forecast of 1.0 percent to 3.0 percent growth.
“The GDP growth forecast for 2017 is maintained at “1.0 to 3.0 percent,” the ministry said. “Although the performance of the Singapore economy was resilient in the first quarter, and the global growth outlook has improved slightly, downside risks in the global economy remain. Barring the materialization of downside risks, GDP growth is likely to come in higher than the 2.0 percent in 2016.”
On a quarter-on-quarter basis, the economy contracted 1.3 percent, more than the 1.0 percent drop seen.
This is a breaking news story, please check back for more.
