Singapore's first quarter GDP rose 2.7 per cent year-on-year as expected, the Ministry of Industry and Trade said on Thursday, as it affirmed the full-year forecast of 1.0 per cent to 3.0 per cent growth.
"The GDP growth forecast for 2017 is maintained at "1.0 to 3.0 per cent," the ministry said.
"Although the performance of the Singapore economy was resilient in the first quarter, and the global growth outlook has improved slightly, downside risks in the global economy remain. Barring the materialization of downside risks, GDP growth is likely to come in higher than the 2.0 per cent in 2016."
On a quarter-on-quarter basis, the economy contracted 1.3 per cent, more than the 1.0 per cent drop seen.