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Singapore’s economy experienced a contraction of 0.8% on a quarter-on-quarter seasonally-adjusted basis in the first quarter of 2025, according to advance estimates released by the Department of Statistics.
This marks a reversal from the 0.5% expansion recorded in the fourth quarter of 2024.
The unexpected downturn has prompted a revision of the GDP growth forecast for 2025. Initially projected to be between 1.0% and 3.0%, the forecast has now been downgraded to a range of 0.0% to 2.0%.
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