SINGAPORE, (Reuters) – Official data on Wednesday showed that Singapore’s economy grew more quickly than originally estimated during the first quarter.

The Ministry of Trade and Industry reported that the gross domestic product (GDP), grew by 3.7% in the first quarter compared to the 3.4% increase in the advance estimate and the matching forecasts of analysts in a Reuters Poll.

Quarter-on-quarter, seasonally adjusted data showed that the economy experienced 0.7% growth.

MTI stated that it will maintain its 2022 GDP growth projection at 3%-5%. However, growth in the lower half is likely due to uncertainties arising from the Russia-Ukraine war.