Singapore’s economy grows on back of AI boom, defying Iran war slowdown

AI Summary

Singapore's economy grew 1 percent in Q1, outperforming expectations due to the global AI boom boosting manufacturing and services despite challenges from rising crude oil prices. The Ministry of Trade and Industry reported growth contrary to earlier forecasts of contraction.

Singapore’s economy expanded faster than expected in the first quarter as the global artificial-intelligence boom lifted the nation’s manufacturing and services, offsetting the drag from higher crude prices. Gross domestic product grew a seasonally adjusted 1 per cent in the three months through March from the previous quarter, the Ministry of Trade and Industry (MTI) said on Monday. That is well above the government’s advance estimate of a 0.3 per cent contraction and the median forecast of a...