Singapore Q2 GDP grows 4.4% y/y, slower than first estimated
2022.08.11 03:26
FILE PHOTO: A ship docks at Keppel terminal in Singapore November 17, 2020. REUTERS/Edgar Su/File Photo
SINGAPORE (Reuters) – Singapore’s economy expanded less than initially estimated in the second quarter, official data showed on Thursday.
Gross domestic product (GDP) grew 4.4% year-on-year in the second quarter, the Ministry of Trade and Industry (MTI) said, lower than the 4.8% growth seen in the government’s advance estimate.
On a quarter-on-quarter seasonally adjusted basis, the economy contracted 0.2%, compared with the government’s advance 0% estimate and the 0.8% growth in the first quarter.
The MTI said it would narrow its 2022 GDP growth forecast to “3% to 4%” from “3% to 5%, adding the external demand outlook for the economy has weakened compared with three months ago.
(This story corrects to clarify comparison in paragraph 3)
