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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
Women sit on a wall using mobile phones at Raffles Place in the central business district area of Singapore.

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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