Singapore’s GDP expanded by 0.1% yoy in Q1 of 2023, missing market estimates of a 0.6% growth and softening from a 2.1% expansion in the prior period, a flash reading showed. It was the ninth straight quarter of increase but the weakest pace in the sequence, as the services sector eased further (1.8% vs 4% in Q4) due to a slowdown in output of information & communications and accommodation & food services and a drop in wholesale trade & retail trade and transport. Also, construction activity moderated (8.5% vs 10.0%). Meanwhile, a decline in the manufacturing sector deepened (-6.0% vs -2.6%), with most clusters falling except transport engineering. On a quarterly basis, the economy shrank 0.7% in Q1, compared with the consensus of a 0.2% fall and a 0.1% rise in Q4. For 2023, the government projected GDP growth between 0.5 to 2.5%, as the externally oriented sector remains weak due to global headwinds. Last year, the economy added 3.6%, compared with an initial estimate of 3.8%.