Singapore's GDP in the first quarter of this year was dragged down by the weak performance of the manufacturing industry and showed a slowdown.
[Financial Channel/Comprehensive Report] The Ministry of Trade and Industry of Singapore announced on the 14th that compared with the fourth quarter of last year, the GDP in the first quarter of this year declined by 0.7%, and the annual growth rate was only 0.1%, which was lower than the 0.6% expected by economic experts. was dragged down by weakness in the manufacturing sector.
After the outbreak of the epidemic in 2020, Singapore has been in a state of economic recession. Although the GDP rebounded in the first quarter of 2021, it soared to 15.8% in the second quarter, and then fell sharply.
The economy underperformed in the first quarter of this year as slowing global trade and rising recession risks offset domestic growth.
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On the same day, the central bank of Singapore announced that it would maintain monetary policy unchanged, emphasizing that the previous five consecutive tightening monetary policies had worked, controlling inflation at about 6% and no longer rising sharply. Therefore, it decided to stand still and continue to observe.
This is the first time since October 2021 that tightening has stopped, underscoring a slowing global economy and cooling inflation.
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