Singapore economic growth rate rose 0.3% to 3.7% in the first quarter
The fixed GDP in the first quarter of January-March 2022 increased by 3.7% year-on-year, Yonhap News Agency and others reported on the 25th.
According to the media, Singapore’s Ministry of Trade and Industry announced that economic growth in the first quarter rose 0.3 percentage points from the breaking news of 3.4 percent.
The expected median market value increased by 3.7%, which was consistent with the actual situation. Seasonally adjusted values increased by 0.7% from the fourth quarter of October to December last year.
The Ministry of Trade and Industry observed that while maintaining the overall growth forecast for 2022 at 3-5%, it is likely to remain in the second half of the expected category amid growing uncertainty caused by Russia’s invasion of Ukraine.
“The external economic environment has deteriorated,” said Deputy Trade and Industry Minister Gabriel Lim. He pointed out that China’s strict “zero-corona” measures to curb COVID-19 are likely to burden the economy and lead to global supply constraints.
Vice Minister Lim said, “As a result, the supply turmoil is expected to be worse than originally expected and will continue for a long time. We will continue through 2022.”
“Singapore improved smoothly in the first quarter. We resumed economic activities and showed improvement and normalization in all industries, he said. “However, if China enters an economic recession, it will be a more difficult time to do good because it will be a downside risk to the Singapore economy.”
The Singaporean government also maintained its inflation outlook. The core price index is expected to peak at around 4% in the third quarter of July and September and fall in the second half.파워볼사이트
The Consumer Price Index (CPI) in April, which came out on the 23rd, rose 3.3 percent from the same month last year, the highest in 10 years.
The Singapore Monetary Authority (MAS) said, “The current financial policy stance continues to be appropriate,” adding, “The effects accumulated by the three financial tightening measures can slow inflation.”