Selangor Journal
A view of the city skyline in Singapore, on December 31, 2020. — Picture by REUTERS

Singapore first-quarter GDP posts surprise year-on-year increase

SINGAPORE, April 14 — Singapore’s economy unexpectedly rose in the first quarter from a year earlier, helped by strong manufacturing activity, preliminary data showed on Wednesday.

Gross domestic product (GDP) was up 0.2 per cent in January-March on a year-on-year basis, the Ministry of Trade and Industry said in a statement. Economists polled by Reuters had expected a decline of 0.2 per cent.

GDP grew 2 per cent on a quarter-on-quarter seasonally adjusted basis in January-March.

Singapore, which has brought its local virus situation under control and is rolling out vaccinations, is on a gradual recovery path after its worst-ever recession last year. But analysts say external demand and reopening of international borders is key to growth.

— Reuters

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