The Singaporean government has released its preliminary data regarding the country’s economy, which shows that its growth in the first quarter of the year was slower than expected. Gross Domestic Product (GDP), which is the total value of goods and services produced within a country’s borders, increased by 0.1% from January to March compared to the same period last year. The data was estimated by the Ministry of Trade and Industry (MTI).

Lower Expectations

This increase in GDP is lower than what was expected by economists surveyed by Reuters, who had predicted growth of 0.6%. Additionally, on a seasonally adjusted quarter-on-quarter basis, Singapore’s GDP shrank by 0.7% from January to March.

The GDP of Singapore

Despite the slower-than-expected growth, Singapore’s economy is gradually recovering, and the country lifted all COVID-19 restrictions in February of this year. The government expects the freelance sector to recover to pre-pandemic levels by 2024, signaling a positive outlook for the future of the country’s economy.

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