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Singapore economy expanded 23.5%

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ruanlai 14-Apr-2011 10:25
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Singapore economy expanded 23.5% qoq SAAR in 1Q11. The Ministry of Trade & Industry (MTI) released advance 1Q11 real GDP figures, showing a seasonally-adjusted qoq expansion of 23.5%. This is higher than consensus and our respective forecasts of 11.4% and 11.0%. Yoy, the economy expanded 8.5% vs consensus and our forecast of 5.8% and 5.7% respectively. The MTI reiterated its 2-month-old GDP growth forecast of 4-6% for 2011. We are maintaining our forecast of 5.7%.

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Singapore economy expanded 23.5%