SG : Economic - Macro snapshot

Singapore’s upward revised GDP expanded 1.3% yoy in 1Q21, placing it within reach of its pre-pandemic high in 4Q19. Manufacturing continues to be a major contributor to economic recovery, though progress in services may be stymied by return to Phase 2 restrictions. Headline inflation reaches a 7-year high, but price effects appear to be commodity-driven and transitory as core inflation remains in check.

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