Singapore Economy Tops Forecast with 2.1% Growth

Singapore’s economy grew at a faster-than-expected pace in the first quarter, government data showed on Tuesday, even as the central bank surprised markets by announcing no change to monetary policy.

Gross domestic product (GDP) grew an annualized 2.1 percent in the three months to March from the year-ago period, stronger than the 1.8 percent forecast in a Reuters poll and after expanding by the same margin in the fourth quarter.

Quarter on quarter, growth edged up 1.1 percent, also beating the 0.5 percent estimate but much lower than the 4.9 percent expansion in the previous quarter.