Singapore’s economy expanded 4.9 per cent in the first quarter over the same period last year, with manufacturing leading the growth as key markets bought more Singapore-made goods. For the full year, the Ministry of Trade and Industry (MTI) continues to expect the economy to grow “modestly”, at 2 to 4 per cent.
MTI said that US consumers and businesses are set to spend more this year, while the Euro Zone is likely to return to growth. This is expected to lift export-dependent sectors like manufacturing and wholesale trade.
Conversely, Israel’s economy slowed slightly in the first quarter to 2.1 per cent as consumer spending and investments slumped.