Singapore final Q1 GDP up 0.2%, slightly better than forecast

Women sit on a wall using mobile phones at Raffles Place in the central business district area of Singapore.
Nicky Loh | Bloomberg | Getty Images

Singapore economy barely grew in the first quarter as services sector activity shrank, and the outlook for the trade-dependent city state remained weak amid slack global demand.

The economy expanded 0.2 percent in January-March period from the previous three months on an annualized basis, the Ministry of Trade and Industry said in a statement on Wednesday.

The government in April initially estimated that the city-state's economy stalled in the first quarter, and on the same day the central bank unexpected eased monetary policy to stoke momentum to a fragile recovery.

The median forecast in a Reuters survey last week also predicted the city-state's economy failed to grow in the January-March quarter.

Singapore economy grew 1.8 percent in the first quarter from a year earlier, meeting the government initial estimates and economists' forecast of a 1.8 percent expansion.

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