SINGAPORE: Singapore’s economy grew 0.4% on a year-on-year basis in the first quarter of 2023, data released on Thursday showed.

This was higher than the advanced GDP estimate of 0.1% released in April.

On a quarter-on-quarter seasonally-adjusted basis, the economy contracted 0.4%, a reversal from the 0.1% growth in the fourth quarter of 2022.

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The trade ministry is maintaining its GDP growth forecast at 0.5% to 2.5% this year, with growth likely to come in at around the mid-point of the range.