Singapore’s economy grew by 0.4% on a year-on-year basis in the first quarter of 2023, lower than the 2.1% expansion in the previous quarter, the Ministry of Trade and Industry announced on May 25.
Hanoi (VNA) - Singapore’s economy grew by 0.4% on a year-on-year basisin the first quarter of 2023, lower than the 2.1% expansion in the previousquarter, the Ministry of Trade and Industry announced on May 25.
On a quarter-on-quarter seasonally-adjusted basis, the MTI saidthe Singaporean economy contracted by 0.4%, a reversal from the 0.1% growth in the fourthquarter of 2022.
On sectoral performance, the manufacturing sector shrank by5.6% year-on-year, worsening from the 2.6% contraction in the precedingquarter.
Meanwhile, the construction sector expanded by 7.2%year-on-year, extending the 10% growth in the previous quarter, with bothpublic and private sector construction output increased during the quarter.
In a statement on the country’s economic performance for thequarter, the ministry said it maintained Singapore’s 2023 Gross DomesticProduct (GDP) growth forecast at 0.5 to 2.5%, with growth likely to come in ataround the mid-point of the range.
The Singaporean economy expanded by 3.6% in 2022./.
The Singapore Tourism Board (STB) announced on April 7 that the Southeast Asian country welcomed more than 2.9 million visitors in the first quarter of this year, about two-thirds of pre-COVID-19 figures as the recovery of the tourism sector continues.
The Singaporean economy grew only 0.1% year-on-year in the first quarter of 2023, slowing from 2.1% growth in the previous quarter, according to official estimates released by the Ministry of Trade and Industry (MTI) on April 14.
Singapore’s core inflation, exclusive of private transport and accommodation costs, rose 5% year on year in March, lower than the 5.5% recorded in February and experts’ estimate of 5.1%.
The Monetary Authority of Singapore (MAS) has announced that to decarbonise the economy, Singapore will expand its focus, which is now solely on green finance, to the one that also includes transition finance by mapping out clear definitions, encouraging innovation and extending grants.
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Illustrative image (Photo: thestar.com.my) 
