Singapore's economy grew by 1% in the first quarter, exceeding expectations due to a strong performance in manufacturing and services boosted by the artificial intelligence boom. This growth contrasts with global economic slowdowns.

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.....