Singapore economy recovers from covid19
Thursday, 04 15 2021, Category: Economy, Country: Asia
Singapore's economy grew by 0.2 per cent year-on-year in the first quarter of 2021, a turnaround after three quarters of contraction, as the country continued its recovery from the COVID-19 pandemic.
On a quarter-on-quarter seasonally adjusted basis, Singapore's gross domestic product (GDP) expanded by 2 per cent between January and March, extending the 3.8 per cent growth in the previous quarter, advance estimates by the Ministry of Trade and Industry (MTI) on Wednesday (Apr 14) showed.
Economists polled by Reuters had expected a decline of 0.2 per cent.
Singapore's economy has been battered by the COVID-19 pandemic. After the first case was reported in Singapore on Jan 23 last year, Singapore posted 0 per cent growth in GDP in the first quarter, followed by contractions in the following three quarters.
Last year, the economy shrunk by 5.4 per cent, Singapore's first annual contraction since 2001 and its worst recession since independence.
"The expansion is a strong signal that our economy is slowly but surely recovering from the unprecedented impact of COVID-19 last year," said Minister for Trade and Industry Chan Chun Sing in a Facebook post after the data was released.