The Magazine for Asian Investors
The Singapore Ministry of Trade and Industry (MTI) reported that Singapore’s gross domestic product (GDP) grew by 4.4% year-on-year in the second quarter of this year. This was slightly below the previous estimate of 4.8% growth.
According to the MTI, Singapore’s economy in the second quarter was driven by the manufacturing, services, and information and communications sectors.
Quarter-on-quarter, Singapore’s GDP contracted by a seasonally adjusted 0.2% in the second quarter, down from the previous estimate of 0%, after growing by 0.8% in the first quarter.
The MTI is also preparing to adjust its GDP forecast for the full year. Previously, growth of 3% to 5% was expected, but this was revised to 3% to 4% due to the weaker development of foreign demand.