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Singapore Q1 GDP posts surprise y/y increase

Reuters SG
·1-min read
Singapore Q1 GDP posts surprise y/y increase

SINGAPORE, April 14 (Reuters) — 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% 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%.

GDP grew 2% 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.

(Reporting by Chen Lin; Editing by Sam Holmes)