Singapore continues slow recovery from worst economic slump

A man cycles along a bridge in Singapore on January 4, 2021, as the skyline is seen in the background. - AFP

SINGAPORE, Jan 4 (Bloomberg): Singapore’s economy continued its slow recovery from the worst slump in the country’s history, with mainstays such as trade and tourism hammered by the coronavirus pandemic.

Gross domestic product last quarter grew 2.1% on a seasonally adjusted basis compared to the previous three months, according to advance estimates from the Ministry of Trade and Industry released Monday. Driven by quarterly gains in construction and services, the increase beat the median forecast of 1.3% in a Bloomberg survey of economists.