On a quarter-on-quarter seasonally adjusted basis, Singapore's economy expanded by 0.1 per cent, moderating from the 1.2 per cent growth in the preceding quarter.
On a quarter-on-quarter seasonally adjusted basis, Singapore's economy expanded by 0.1 per cent, moderating from the 1.2 per cent growth in the preceding quarter.
The transportation and storage sector picked up to 6.8 per cent year-on-year, from 2.8 per cent in the fourth quarter. Contributing factors included robust growth in the air transport segment, with the total number of air passengers handled at Changi Airport during the quarter coming in above its pre-COVID level.
MTI added that"on a quarter-on-quarter seasonally adjusted basis, the economy expanded by 0.1 per cent, moderating from the 1.2 per cent growth in the preceding quarter".Singapore maintains 2024 GDP forecast at 1-3% after economy grew 1.1% last year The trade ministry predicted that GDP growth in the major economies would"taper gradually in the immediate quarters due to tight financial conditions, before picking up alongside anticipated policy rate cuts later in the year".
In the Eurozone, investments and industrial activity are expected to remain weak given restrictive financial conditions and sluggish external demand. Additionally, disruptions to the global disinflation process"could lead to tighter financial conditions for longer, and potentially trigger latent vulnerabilities in banking and financial systems".
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