Customers at a cafe in the central business district in Singapore (Photo: Bloomberg)
Singapore's economy expanded more than initially estimated in the first quarter but annual GDP will likely be in the lower half of the government's forecast range, officials said on Wednesday, citing war in Ukraine and supply chain disruptions.
The Southeast Asian financial hub is often seen as a bellwether for global growth as international trade dwarfs its domestic economy.
Gross domestic product (GDP) grew 3.7% year-on-year in the first quarter, the Ministry of Trade and Industry (MTI) said, higher than the government's advance estimate of 3.4% but matching analysts' forecasts in a Reuters poll.
"The external economic environment has unfortunately deteriorated ... stringent
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First Published: May 25 2022 | 8:40 AM IST