Retail in Asia

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Singapore’s economy grows 1.6pc in 1Q

Singapore said on Thursday the economy grew 1.6 percent year-on-year in the first quarter, unchanged from its earlier estimate, confounding economists who had predicted an upward revision.

Economists surveyed by Reuters had a consensus forecast of 1.8 percent growth.

On an annualised and seasonally adjusted quarter-on-quarter basis, Singapore’s economy expanded by 10 percent, slightly above the 9.9 percent flash estimate released in April.

(Source: CNBC)