15:01 | 25/05/2016 Global Economy
The Republic's economy expanded by 1.8 per cent on a year-on-year basis in the first quarter of 2016, unchanged from the previous quarter and exceedinganalysts’ expectations, according to figures released by the Ministry of Trade and Industry (MTI) on Wednesday (May 25).
On a quarter-on-quarter seasonally adjusted annualised basis, the economy expanded by 0.2 per cent, down from the 6.2 per cent growth in the preceding quarter.
According to a quarterly survey released by the Monetary Authority of Singapore (MAS) in March, private sector economists had expected Singapore’s economy to grow by 1.6 per cent for the January to March quarter compared to a year ago.
The GDP growth forecast for 2016 is maintained at 1 per cent to 3 per cent, MTI added../.