March factory output holds out hope for Q1 GDP

Singapore

WHAT a difference a fortnight makes.

Just two weeks ago, Singapore's disappointing gross domestic product (GDP) flash estimates for the quarter ended March 31 nudged economists to downgrade their full-year forecasts.

However, Tuesday's preliminary factory output data for March is prompting some of them to now revise first-quarter growth numbers upwards, while leaving full-year forecasts untouched. Most see a 2 per cent growth.

The latest numbers showed that industrial production in March shrank by 0.5 per cent when compared to March last year. Excluding biomedical outpu…