Singapore first-quarter GDP scales 1.3% higher on upbeat factory output

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Singapore first-quarter GDP scales 1.3% higher on upbeat factory output

The Singaporean economy, which had contracted 3.5 per cent last year and has been anticipated to rebound by 5.3 per cent in 2021, had witnessed a stronger-than-expected gross output over first fiscal quarter of 2021, largely boosted up by a maverick upswing in manufacturing activities, the sovereign island-state’s official data had unenveloped on Tuesday.

On top of that, according to data from the Singaporean Ministry of Trade and Industry published earlier on the day, the highly developed free-market economy’s GDP (Gross Domestic Product) had surged 1.3 per cent over fiscal Q1, 2021, compared to the same time a year earlier, well above a Government forecast of 0.2 per cent growth.

Nonetheless, analysts were expecting a 0.9 per cent increase in gross output.

Singaporean economy balloons in first quarter

In point of fact, latest set of upbeat economic data highlighting a rapid recovery from last year’s pandemic inflicted fiscal wounds, came forth amid a robust rise in factory activities as beforementioned, while the Singaporean Ministry of Trade and Industry was quoted saying following release of the data that it would continue to maintain a prior 2021 growth forecast between 4 per cent and 6 per cent, as a second wave of pandemic outbreak seemed to be wreaking havocs on a number of Asian economies.

Aside from that, Singapore had been planning to resume travel bubbles with Hong Kong earlier this month, however, the southeast Asian country’s plan to restart international flights was postponed a week earlier amid an abrupt rise in pandemic cases, adding to further holocaust and raising questions on whether the economy would be able to relay its first-quarter growth momentum deeper into the year.

Nevertheless, the Singaporean economy had ballooned as much as 3.1 per cent on fiscal Q1, 2021, on a quarter-on-quarter basis.