Singapore's economy suffered a lesser contraction in the first quarter than previously anticipated,indicating that the country's growth objective this year remains achievable.
None of the world's biggest nuclear plant may stay closed because of papers left on the car roof.
The value of the gross domestic product fell from the previous three months to a decreased an annualized 0.4% from the previous three months, according to final estimates from the Ministry of Trade and Industry. That was better than a previous estimate of a 0.7% drop and compares with a prediction for a 0.6% contraction in a Bloomberg survey of economists.
The downside risks in the global economy have risen, which could impact consumption and business investments more heavily, the MTI said in a statement. It maintained its full-year growth forecast at 0.5% - 2.5%, with growth likely to come in at around the mid-point of the range.
The improvement comes amid a deteriorating global demand outlook, exposing the US economy to potential stress from a standoff in debt ceiling talks. Although China's economic data has remained weaker than anticipated, analysts have been downgrading growth predictions for the world's second-largest economy.
Singapore's trade-reliant status is prone to a decline in global demand. In 2023, the city expects non-oil domestic exports to decrease between 8% - 10%.
That downgrade to trade forecast reflects the worst-than-expected exports performance, with outbound shipments recording a contraction every month so far this year.
The economy grew 0.4 percent in the first quarter compared to an earlier estimate of a 0.1% expansion.