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Market Update: Singapore Q1 GDP Revised Strongly Higher
Singapore’s economy advanced 1.3% yoy in Q1 2021, compared with an advance estimate of a 0.2% growth and after a final 2.4% contraction in Q4. This was the fastest expansion in the economy since Q4 2018, amid a recovery from the depth of the COVID-19 pandemic, which is in tandem with the global rebound and further progress in the domestic vaccination programme. On an annualized quarterly basis, the economy grew by 3.1% in Q1, the least in three quarters, after a 3.8% advance in Q4. For 2021, Singapore maintains the GDP growth forecast at 4.0 to 6.0%, reflecting the larger-than-usual degree of uncertainty due to the pandemic as well local coronavirus situations. source: Statistics Singapore [/s2If]
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