Singapore beats Q1 growth expectations but faces uneven recovery

Gov’t maintained its GDP forecast for the year but warned of a larger-than-usual degree of uncertainty on back of COVID.

Singapore’s economy has expanded more than first thought in the first quarter and the government maintained its growth forecast for the year but struck a cautious note about recovery due to uncertainties from the COVID-19 pandemic. Gross domestic product (GDP) grew 1.3 percent year-on-year in the first quarter, the Ministry of Trade and Industry (MTI) said on Tuesday, higher than the 0.2 percent growth seen in the government’s advance estimate. Manufacturing, finance and insurance and wholesale trade supported the expansion over the quarter. Analysts had expected a 0.9 percent increase, according to a Reuters poll.