Singapore economy in 1Q grew by 2.7% on year; FY growth forecast maintained at 1-3%

SINGAPORE (May 25): The Ministry of Trade and Industry (MTI) announced today that it has maintained the GDP growth forecast for 2017 at “1.0 to 3.0%”, with growth likely to come in higher than 2.0% barring the materialisation of downside risks.

The Singapore economy grew by 2.7% on a year-on-year basis in the first quarter, easing from the 2.9% growth in the previous quarter.

On a quarter-on-quarter seasonally-adjusted annualised basis, the economy contracted by 1.3%, after posting a strong rebound of 12.3% in the preceding quarter.

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