Singapore's gross domestic product contracted a seasonally adjusted 0.7 percent on quarter in the first quarter of 2023, the Ministry of Trade and Industry said in Friday's preliminary reading.
That missed expectations for a decline of 0.2 percent following the downwardly revised 0.1 percent increase in the fourth quarter of 2022 (originally 0.3 percent).
On an annualized basis, GDP was up 0.1 percent - again shy of forecasts for a gain of 0.6 percent and down from 2.1 percent in the three months prior.
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