A person with a masks on taking a stroll at Marina Bay Sands in Singapore’s central enterprise district seen in the background on April 1, 2020.
Suhaimi Abdullah | Getty Images
SINGAPORE — Singapore’s economy unexpectedly grew 0.2% in the first quarter of 2021 from a 12 months in the past, official advance estimates confirmed on Wednesday.
That marked the Southeast Asian nation’s first year-over-year financial growth since the outbreak of Covid-19, knowledge by the nation’s commerce and trade ministry confirmed.
Analysts polled by Reuters had anticipated the Singapore economy to shrink 0.2% in the first quarter from a 12 months in the past.
In a separate launch, the Monetary Authority of Singapore — the nation’s central financial institution — stated it stored its alternate rate-based coverage unchanged.
Singapore reported its worst ever economic recession final 12 months when it contracted 5.4% as lockdown measures globally to gradual the unfold of Covid-19 brought about a plunge in exercise.
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