(May 21): Singapore’s economy grew at a faster pace in the first quarter than the government previously estimated, a sign of the city state’s resilience in the face of weaker global demand and a worsening US-China trade war.

Gross domestic product rose an annualised 3.8% from the prior quarter, higher than the government’s earlier projection of 2% and above the median forecast of 2.3% in a Bloomberg survey of economists. Compared to a year ago, GDP rose 1.2%.

Key Insights
Exports in the trade-reliant economy have been hit by a downturn in the global tech cycle and more subdued growth in China.

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