© Reuters. People wearing protective face masks ride an escalator at a shopping mall, amid the coronavirus disease (COVID-19) outbreak, in Singapore July 14, 2020. REUTERS/Edgar Su/Files

SINGAPORE (Reuters) – Singapore’s economy expanded more than initially estimated in the first quarter, official data showed on Wednesday.

Gross domestic product (GDP) grew 3.7% year-on-year in the first quarter, the Ministry of Trade and Industry (MTI) said, higher than the 3.4% growth seen in the government’s advance estimate and matching analysts’ forecasts in a Reuters poll.

On a quarter-on-quarter seasonally adjusted basis, the economy expanded by 0.7%.

The MTI said it would maintain its 2022 GDP growth forecast at 3% to 5%, adding growth is more likely to come in at the lower half of the forecast range amid uncertainties due to the Russia-Ukraine conflict.