Singapore's Economy Contracts Annualized 1.9% in First Quarter
- Preliminary data shows manufacturing contracted 6.6 percent
- GDP figures often volatile in export-reliant Singapore
Singapore's Economy Loses Some of Its Momentum
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Singapore’s economy lost some of its momentum in the first quarter, contracting an annualized 1.9 percent from the previous three months.
GDP figures are often volatile in Singapore, a small, open economy that’s heavily dependent on exports. The city state was hit by a slump in global trade in recent years but has started to recover following a pick-up in Chinese demand for electronics and other manufactured goods. Despite last quarter’s contraction, economists are projecting expansion of 2 percent this year, the same pace as last year.