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Monday, June 21, 2021

Singapore Q1 GDP +3.1% q/q and +1.3% y/y (expected +0.9%)

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Data from Singapore for the January to March quarter 2021

GDP beats.

From the Ministry of Trade and Industry (bolding mine):

  • maintains
    2021 GDP growth forecast at 4-6% range
  • says recent tightening of domestic restrictions & border
    controls represents setback to segments of economy
  • says broader economy should see recovery this year in line with
    global economic rebound
  • says possible that economy will outperform official 2021 growth
    forecast, but significant downside risks remain
  • says covid-19 is generally well under control domestically; making
    good progress vaccinating entire population
  • says pace of recovery of various sectors of economy this year is
    likely to be more uneven than earlier expected
  • says border entry restrictions on south Asia foreign workers will
    exacerbate severe labour shortages at construction sites &
    shipyards

 more to come  
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