Singapore updates Q1 GDP, full-year 2021 financial forecasts
A person sporting a face masks walks previous a mural in Chinatown in Singapore on April 1, 2020.
Roslan Rahman | AFP | Getty Pictures
SINGAPORE — Singapore’s financial system grew at its quickest tempo in additional than a yr within the first quarter of 2021, helped by a stronger-than-expected manufacturing sector, official knowledge confirmed Tuesday.
However the authorities warned of “heightened uncertainties” arising from the Covid-19 pandemic within the months forward whereas sustaining its development forecast for Singapore at 4% to six% for 2021.
The Southeast Asian financial system expanded by 1.3% within the quarter ended March in contrast with a yr in the past, the ministry of commerce and trade mentioned in an financial replace.
That is the best development fee in Singapore because the fourth quarter of 2019 and an enchancment from official advance estimates of a 0.2% enlargement. The most recent GDP print additionally exceeded the 0.9% year-on-year development projected by analysts in a Reuters ballot.
On a quarter-on-quarter foundation, the Singapore financial system grew 3.1% — quicker than the federal government’s earlier estimates of two%.
This is how the totally different sectors carried out within the first three months of 2021:
- Manufacturing expanded by 10.7% from a yr in the past, lifted by stronger output within the electronics, precision engineering and chemical substances clusters.
- Building contracted by 22.7% yr on yr, weighed down by declines in each private and non-private sector initiatives.
- Companies-producing industries shrank a slight 0.5% from a yr in the past — bettering from the 4.7% contraction within the earlier quarter.
Singapore has been battling an increase in Covid-19 circumstances in current weeks, which led the federal government to impose stricter measures for a few month beginning Could 15. A deliberate air journey bubble with Hong Kong was additionally postponed.
The commerce and trade ministry mentioned the tightening of home restrictions and border controls is a “setback” to sure segments of the financial system.
However the Singapore financial system general ought to nonetheless get well this yr “in tandem with the worldwide financial rebound and additional progress within the home vaccination programme,” the ministry mentioned. It added that it’ll evaluation its financial forecast in August.
As of Monday, the nation has reported greater than 61,800 Covid circumstances and 32 deaths because the begin of 2020, knowledge by the well being ministry confirmed. Near 2 million folks in Singapore — or round one-third of inhabitants — have obtained a minimum of one dose of the coronavirus virus as of Could 17, official knowledge confirmed.
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