Singapore announced its economic growth in the first quarter of the year ended March, up 1.2% year-on-year, which was less than the expected 1.4% increase. It was not as good as the initial increase of 1.3% announced earlier, and the revised increase of 1.3% in the fourth quarter of last year.
Singapore’s economy in the first quarter was dragged down by local manufacturing contraction.
The country also announced that it will reduce its full-year growth forecast this year from 1.5 to 3.5% to 1.5 to 2.5%. The trade dispute with China will put pressure on domestic production, and the global demand for electronic products is weak. The industry has brought a blow.