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Economy

Singapore Q1 GDP growth ticks up to 2.7% on 'strong' tourism recovery

City-state keeps monetary policy unchanged as inflation remains sticky

Jewel Changi Airport, a popular tourist spot in Singapore. The city-state's economy grew 2.7% in the first quarter of 2024.   © Reuters

SINGAPORE -- Singapore's economy grew 2.7% in the January-March period from a year earlier, preliminary data showed on Friday, accelerating from 2.2% expansion in the previous quarter due to a recovery in the tourism sector.

According to the Ministry of Trade and Industry, the city-state's services sector grew 3.2% in the first quarter, up from 2% the previous quarter.

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