25 May 2023. The Ministry of Trade and Industry (MTI) today announced that the 2023 GDP growth forecast for Singapore has been maintained at “0.5 to 2.5 Per Cent”, with growth likely to come in at around the mid-point of the range.
Economic Performance in First Quarter 2023
The Singapore economy grew by 0.4 per cent on a year-on-year basis in the first quarter of 2023, moderating from the 2.1 per cent expansion in the previous quarter. On a quarter-on-quarter seasonally-adjusted basis, the economy contracted by 0.4 per cent, a reversal from the 0.1 per cent growth in the fourth quarter of 2022.