Singapore’s external demand outlook for 2023 has “improved slightly”, said the Ministry of Trade and Industry.
SINGAPORE: Singapore has maintained its growth forecast for 2023 at a range of 0.5 per cent to 2.5 per cent, as data on Monday showed the economy growing slower than expected last year.3.8 per cent
On a quarter-on-quarter seasonally-adjusted basis, the economy expanded marginally by 0.1 per cent, also missing an earlier forecast of 0.2 per cent and easing from the 0.8 per cent growth in the previous quarter. While it has kept to its earlier forecasts for growth, MTI said Singapore’s external demand outlook for 2023 has “improved slightly” since its last quarterly report in November.
The output of the aerospace segment is also expected to be bolstered by the improved outlook for air travel.
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