Singapore releases first quarter GDP advance estimates, financial coverage

A person with a masks on taking a stroll at Marina Bay Sands in Singapore’s central enterprise district seen within the background on April 1, 2020.

Suhaimi Abdullah | Getty Photos

SINGAPORE — Singapore’s economic system unexpectedly grew 0.2% within the first quarter of 2020 from a yr in the past, official advance estimates confirmed on Wednesday.

That marked the Southeast Asian nation’s first year-over-year financial growth for the reason that outbreak of Covid-19, knowledge by the nation’s commerce and business ministry confirmed.

Analysts polled by Reuters had anticipated the Singapore economic system to shrink 0.2% within the first quarter from a yr in the past.

In a separate launch, the Financial Authority of Singapore — the nation’s central financial institution — mentioned it stored its alternate rate-based coverage unchanged.

Singapore reported its worst ever financial recession final yr when it contracted 5.4% as lockdown measures globally to gradual the unfold of Covid-19 brought about a plunge in exercise.

That is breaking information. Please test again for updates.

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