Singapore Q1 GDP up 2.7% y/y, above market forecast

A general view shows the central business district in Singapore on April 29, 2024. (Photo by Roslan RAHMAN / AFP)

SINGAPORE: Singapore's economy grew 2.7% on a year-on-year basis in the first quarter of 2024, government data showed on Thursday, matching a preliminary estimate of 2.7% released last month.

Economists surveyed by Reuters had forecast annual gross domestic product (GDP) growth would come in at 2.5% in the first quarter.

On a quarter-on-quarter seasonally adjusted basis, GDP expanded 0.1% in the January to March period, in line with a preliminary estimate of 0.1% growth.

The trade ministry maintained its GDP growth forecast for 2024 at 1.0% to 3.0%.

While inflation has fallen from its peak of 5.5% in early 2023, it remains stubborn amid slowing economic growth and had reached a seven-month high in February.

For the whole of 2023, GDP grew 1.1%, slower than the 3.8% in 2022.

Non-oil exports for the trade-reliant economy have been falling, with an annual 9.3% contraction in April and a 20.8% contraction in March.

The Asian financial hub has just had its first leadership change in two decades, with Lawrence Wong taking over as Prime Minister last week. In his inauguration speech, Wong said he was taking over at a challenging time globally.

"As an open economy, our livelihoods will be hit when multilateralism fractures," he said.

The central bank left monetary policy settings unchanged at a policy review in April. The next policy review is due in July. - Reuters

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