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29.58
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52 weeks

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Singapore Q1 GDP up 3.7%, matching forecasts

SINGAPORE, May 25 (Reuters) - Singapore's economy expanded more than initially estimated in the first quarter, official data showed on Wednesday. Gross domestic product (GDP) grew 3.7% year-on-year in the first quarter, the Ministry of Trade and Industry (MTI) said, higher than the 3.4% growth seen in the government's advance estimate and matching analysts' forecasts in a Reuters poll. On a quarter-on-quarter seasonally adjusted basis, the economy expanded by 0.7%. The MTI said it would maintain its 2022 GDP growth forecast at 3% to 5%, adding growth is more likely to come in at the lower half of the forecast range amid uncertainties due to the Russia-Ukraine conflict. (Reporting by Chen Lin in Singapore; Editing by Lincoln Feast.) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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