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Banking Sector Fuels Singapore's First-Quarter Growth

Singapore's economy took an unexpected turn higher in the first quarter of the year as a rally in financial markets buoyed the city-state's banking sector.Gross domestic product expanded 1.8% in the first quarter on a seasonally adjusted, annualized basis, an improvement from preliminary data that had indicated a 1.4% decline, the government said Thursday. Officials said they expect growth to pick up modestly for the remainder of the year on stronger external demand, but kept their full-year growth forecast at 1.0%-3.0%.The better-than-expected performance in the first quarter was mostly due to strong gains in the financial sector, as stimulus programs by global central banks drove investors into emerging-market stocks, bonds and other investments.The surprising strength comes as other export-dependent Asian economies have struggled, and shows how Singapore's financial sector can help it insulate from the vagaries of overseas demand.Finance and insurance output grew 50.6% over the prev...

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