Compared with the same period last year, economic growth in the first quarter was driven mainly by wholesale trade, manufacturing and finance and insurance industries. Among them, the growth of manufacturing and wholesale trade industries is to a certain extent due to the increase in US tariffs, which has led to more companies and merchants shipments in advance and drive exports. In contrast, the accommodation and catering services sectors have shrunk.

Whether compared with the first quarter of last year or the fourth quarter of last year, the data is slightly better than the preliminary estimates in April. The Ministry of Trade and Industry predicted last month that my country's economy grew by 3.8% year-on-year and contracted by 0.8% month-on-month.

Considering the performance of Singapore's economy in the first quarter and the latest global and local economic situations, the Ministry of Trade and Industry maintained its full-year economic growth forecast at zero to 2%.

The Ministry of Trade and Industry lowered its annual economic growth forecast from 1% to 3% to zero to 2% in April. This is because Singapore's external demand outlook has deteriorated significantly after the United States announced the full imposition of tariffs, followed by a tit-for-tat tariff counterattack against China, seriously affecting the prospects of global trade and global economic growth.

According to the Ministry of Trade and Industry released its first quarter economic survey report on Thursday (May 22), after seasonal adjustments, Singapore's economy shrank by 0.6% month-on-month in the first quarter.

Singapore's economy grew by 3.9% year-on-year in the first quarter of this year. Singapore's external demand outlook for the second half of this year improved slightly from April as global trade tensions eased, with the Ministry of Trade and Industry maintaining its forecast of zero to 2% for the full year.

After that, the United States started trade negotiations with several tariff-affected economies, and Britain and China recently reached an agreement with the United States. Among them, the United States and China have agreed to negotiate on the trade agreement and simultaneously lower tariffs on each other's imported goods within 90 days. .

In view of the actions taken by major economies to ease global trade tensions, the Ministry of Trade and Industry evaluated that Singapore's external demand outlook for the second half of this year was slightly better than in April.

Overall, the manufacturing industry expanded by 4% year-on-year in the first quarter, the construction industry expanded by 5.5%, and the services industry expanded by 3.6%.