SINGAPORE (Reuters) - Singapore’s economy contracted less than initially estimated in the first quarter thanks to solid growth in manufacturing, government data showed on Thursday.
The city-state’s export-reliant economy shrank 1.3 percent in the January-March period from the previous three months on an annualised and seasonally adjusted basis, the Ministry of Trade and Industry said.
That compared with the government’s initial estimate in April of a 1.9 percent contraction and the median forecast of 1.0 percent contraction in a Reuters survey.
Gross domestic product grew 2.7 percent in the first quarter from a year earlier, up from the advance estimate of 2.5 percent expansion and matching the Reuters poll.
The trade-reliant economy is expected to grow 1.0 to 3.0 percent in 2017, the Ministry of Trade and Industry said, keeping its forecast unchanged.
Reporting by Fathin Ungku and Masayuki Kitano; Editing by Shri Navaratnam