SINGAPORE (Reuters) – Singapore’s economy grew 0.4% on a year-on-year basis in the first quarter of 2023, official data showed on Thursday, beating the advanced estimate of 0.1% released last month.
On a quarter-on-quarter, seasonally-adjusted basis, the economy contracted 0.4%, a reversal from the 0.1% growth in the fourth quarter of 2022.
Gabriel Lim, trade ministry permanent secretary, said the external demand outlook for the rest of the year had weakened.
“Apart from the expected slowdown in the advanced economies, the electronics downcycle is likely to be deeper and more prolonged than earlier projected,” Lim told a press conference.
“Spillovers from China’s services-led recovery are also expected to remain weak given that services activities are less import-intensive than industrial activities.”
The trade ministry is maintaining its gross domestic product growth forecast at 0.5% to 2.5% this year, with growth likely to come in at around the mid-point of that range.
(Reporting by Xinghui Kok; Editing by Sam Holmes, Martin Petty)
