Singapore’s first-quarter GDP expands year-on-year

Singapore’s economy posted a surprising expansion in the first quarter from a year ago. The jump could be attributed mainly to the country’s upbeat manufacturing activity, Wednesday data showed.

On an annual basis, gross domestic product advanced 0.2% from January to March. The figure released by the Ministry of Trade and Industry came stronger than the 0.2% drop expected by economists in a Reuters survey. On a quarterly basis, it jumped 2%.

After Singapore monitored its sharpest economic downturn last year, it is now on its way to recovery. The acceleration could be owed mainly to the country’s effort of controlling the coronavirus and vaccine rollouts. While these factors were beneficial, analysts said that external demand and the reopening of international borders are the primary drivers of economic growth.