Singapore's Growth Forecast Remains At 4 To 6% For This Year

Source : TODAY, Friday, May 23, 2008

SINGAPORE'S economy expanded less than initially estimated in the first quarter, adding to concerns growth may ease in the coming months as global demand weakens and inflation accelerates.

Gross domestic product increased an annualised 14.6 per cent in the first three months of the year, less than the Government's April 10 estimate of 16.9 per cent, the Ministry of Trade and Industry announced this morning. The economy shrank 4.8 per cent in the previous quarter.

From a year earlier, Singapore's economy expanded 6.7 per cent in the first quarter after growing 5.4 per cent in the previous three months, the Government said.

Referring to the gross domestic product outlook, the ministry announced that it is maintaining its growth forecast for the year of 4.0 to 6.0 per cent. — bloomberg