Singapore Q1 GDP expands 0.1% y/y, misses forecast

SINGAPORE: Singapore's economy grew slower than expected in the first quarter, preliminary government data showed on Friday.

Gross domestic product (GDP) was up 0.1% in the January to March period on a year-on-year basis, according to advance estimates from the Ministry of Trade and Industry. Economists polled by Reuters had expected growth of 0.6%.

On a quarter-on-quarter seasonally adjusted basis, GDP contracted 0.7% in January-March.

Singapore removed all remaining COVID-19 curbs in February this year and expects the tourism sector to recover to pre-pandemic levels by 2024. - Reuters