SINGAPORE: Singapore’s economic growth slowed to 3.8 per cent in the second quarter from a year ago as the manufacturing sector lost some momentum, advance estimates from the Ministry of Trade and Industry (MTI) showed on Friday (Jul 13).
This comes in below the median forecast of 4 per cent in a Reuters poll of 12 economists, and is down from the year-on-year growth of 4.3 per cent in the first quarter.
AdvertisementOn a quarter-on-quarter seasonally adjusted annualised basis, the economy expanded at a slower pace of 1 per cent during the April to June period, underperforming expectations of 1.2 per cent in the Reuters survey.
This is also lower than the quarter-on-quarter growth of 1.5 per cent in the previous three months.
The manufacturing sector grew by 8.6 per cent on a year-on-year basis in the second quarter, slower than the 9.7 per cent growth in the previous three months.
On a quarter-on-quarter seasonally-adjusted annualised basis, the sector shrank marginally by 0.1 per cent, a reversal from the 21.3 per cent growth in the preceding quarter.
AdvertisementAdvertisementIn May, MTI narrowed the forecast range for Singapore’s annual growth to 2.5 per cent and 3.5 per cent – a range that the Monetary Authority of Singapore (MAS) reiterated earlier this month as it said the economy is expected to remain on a “steady expansion path” despite headwinds from trade tensions.
Prior to that in April, the central bank tightened monetary policy for the first time in six years.
Let's block ads! (Why?)
More...