Singapore’s economy grew more than initially estimated last quarter as demand for the island’s exports improved amid a recovery in the U.S.
Gross domestic product rose an annualized 3.2 percent in the three months through March from the previous quarter, the Ministry of Trade and Industry said in a statement on Tuesday, compared with an April estimate of 1.1 percent. The median forecast in a Bloomberg News survey was 2 percent.
The island’s central bank held back from further monetary policy easing last month and the trade ministry today said global growth is expected to “improve marginally” this year. The U.S. jobless rate in April fell to the lowest since May 2008, indicating the economy is settling into a moderate pace of expansion, while China’s leaders have stepped up stimulus measures.