Singapore Barely Avoids Slump as Growth Stays Flat in 2Q
2022.07.14 08:53
© Bloomberg. People by the Marina Bay Sands in Singapore, on Saturday, July 9, 2022. Singapore is scheduled to announce its second quarter advanced gross domestic product (GDP) estimate on July 14, 2022. Singapore is scheduled to release second quarter advance gross domestic product (GDP) estimates on July 14. Photographer: Lauryn Ishak/Bloomberg
(Bloomberg) — Singapore’s economy flatlined in the second quarter, as soaring prices weighed on retail activity.
Gross domestic product in the April-June period posted zero growth from the prior three months, according to advance estimates Thursday from the Ministry of Trade and Industry, missing the median 1% expansion forecast in a Bloomberg survey of economists.
Compared to the year ago period, GDP rose 4.8%.
The city-state’s broad reopening has lit up previously dormant industries such as hospitality, restaurants, and other retail services catering to domestic consumers. Those as well as increasing tourist arrivals are providing a pickup in growth alongside pandemic-resilient industries including financial services.
©2022 Bloomberg L.P.
