Although higher than the MTI’s advance estimates of 0.1%, growth was still weighed down by the manufacturing, wholesale trade and finance and insurance sectors, which contracted amidst weakness in the global economy and the electronics downcycle.
With the global economy facing an uneven picture ahead, the Ministry of Trade and Industry (MTI) has maintained its full-year 2023 GDP growth forecast of between 0.5% and 2.5%, with growth likely to come in at around the midpoint of the range.
In the first quarter of 2023, Singapore’s economy grew by 0.4% on a y-o-y basis, moderating from the 2.1% expansion in the previous quarter.
