The Ministry of Trade and Industry (MTI) reported that Singapore’s GDP grew 1.3% in Q1 of 2021, much higher than the 0.2% initially predicted in the government’s estimates. The growth was attributed to the manufacturing, finance and insurance, and whole trade industries. MTI maintained its GDP growth prediction for 2021 at 4% to 6%. The year’s forecast will be reviewed again in August when there is more data and a better picture of the global and domestic economic situations.
