Singapore records anemic growth in second quarter, predicts worse

Business | 13 Aug 2019 4:06 pm

With “strong headwinds” ranging from an escalating trade war to a downturn in the global electronics cycle likely to persist for the rest of the year, Singapore has cut its expected growth for the year to between 0 and 1 percent.

Annual gross domestic product (GDP) is expected to come in “at around the mid-point of the forecast range,''  the Ministry of Trade and Industry said today, state media Channel News Asia reports. This is sharply lower than the previous estimated range of 1.5 to 2.5 percent, which was announced in May when MTI slashed the upper end of the growth forecast.

The downgrade in growth estimates for the second consecutive quarter came as official data confirmed the economy as growing at its slowest pace in a decade during the second quarter. 

GDP growth was at a tepid 0.1 percent on a year-on-year basis during the April to June period, in line with the government’s initial estimate and slowing from the previous quarter’s 1.1 per cent. 

 

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