On a quarter-on-quarter basis, Singapore's economy grew by 10 per cent, reversing the 2.5 per cent contraction in the previous quarter. The figure was slightly higher than the 9.9 percent reported in Advance Estimates released last month.
Singapore is maintaining its economic growth forecast for 2012 at one to three per cent, amid uncertainty in the global economy.
The Ministry of Trade and Industry said any recovery in the global economy remains fragile and vulnerable to downside risks.
It also warned that a disorderly sovereign debt default in the eurozone could not be ruled out, and if it did happen, would pose considerable downsides for the global economy and Singapore's externally oriented industries.
The improved momentum was largely due to the upturn in the manufacturing sector. The sector grew 19.8 per cent on a quarter-on-quarter basis, rebounding strongly from the 11.1 per cent contraction in the previous quarter.
The construction sector, meanwhile, surged 32.1 per cent.
The wholesale and retail sector contracted 2.3 per cent in the first quarter. This weak performance was mainly attributable to a decline in re-export volume, which negatively affected the wholesale trade segment.
The finance and insurance sector contracted for the second time by 3.4 per cent, due to the sluggishness in fund management activities.
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