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Singapore releases first quarter GDP advance estimates, monetary policy

A man with a mask on taking a walk at Marina Bay Sands in Singapore’s central business district seen in the background on April 1, 2020.

Suhaimi Abdullah | Getty Images

SINGAPORE — Singapore’s economy unexpectedly grew 0.2% in the first quarter of 2021 from a year ago, official advance estimates showed on Wednesday.

That marked the Southeast Asian country’s first year-over-year economic expansion since the outbreak of Covid-19, data by the country’s trade and industry ministry showed.

Analysts polled by Reuters had expected the Singapore economy to shrink 0.2% in the first quarter from a year ago.

In a separate release, the Monetary Authority of Singapore — the country’s central bank — said it kept its exchange rate-based policy unchanged.

Singapore reported its worst ever economic recession last year when it contracted 5.4% as lockdown measures globally to slow the spread of Covid-19 caused a plunge in activity.

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