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Financial News: Singapore GDP Expands 3.7% On Year In Q1

Singapore GDP Expands 3.7% On Year In Q1

05/24/2022 - 20:08:00 (RTTNews)

(RTTNews) - Singapore's gross domestic product was up an annualized 3.7 percent in the first quarter of 2022, the Ministry of Trade and Industry said on Wednesday.

That matched expectations and was down from 6.1 percent in the previous three months.

On a seasonally adjusted quarterly basis, GDP was up 0.7 percent - shy of expectations for a gain of 0.8 percent and slowing from 2.3 percent in the three months prior.

Upon the release of the data, the MTI announced that it is maintaining its growth forecast for 2022 towards the lower end of the target range of between 3 to 5 percent.

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