SINGAPORE, May 30 — Singapore’s economy posted better-than-expected results in the first quarter of 2023, official data showed Thursday, but the government warned that the...
SINGAPORE, May 30 — Singapore’s economy posted better-than-expected results in the first quarter of 2023, official data showed Thursday, but the government warned that the global outlook remains gloomy.
The Southeast Asian city-state’s economic performance is often seen as a barometer of the global environment because of its reliance on international trade. Its economy expanded by 0.4 per cent on-year in the quarter starting January, slower than the 2.1 per cent on-year growth in the previous quarter but better than an advance estimate released last month, according to figures released by the Ministry of Trade and Industry .The MTI maintained its growth forecast for 2023 at between 0.5 and 2.5 per cent, saying the figure was likely to be in the middle of that range.
Singapore’s trade is three times its GDP, and a slowdown in global demand is quickly reflected in its trade and production data, said Song Seng Wun, a regional economist with CIMB Private Banking.There was a weak reading from the manufacturing sector, which shrank 5.6 per cent on-year in the first quarter, worsening from the 2.6 per cent shrinkage in the fourth quarter last year.“Singapore’s external demand outlook for the rest of the year has weakened,” the MTI said.
“Apart from the expected slowdown in the advanced economies, the electronics downcycle is likely to be deeper and more prolonged than earlier projected.”And while it estimated China’s economic recovery following the end of Covid restrictions to be strong, it cautioned that the spillover effects on Singapore are “expected to remain weak”. — AFP
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