Singapore cuts its GSP forecast as economy shrinks
- Asian Market
- 1 week ago
Singapore has cut its GDP forecast as its economy sunk by 3.3% for the second quarter of 2019, higher than the 2.95 figure analysts had foreseen.
Singapore’s government slashed its GDP to zero to 1% from its initial estimate for the year of 1.5% to 2.5%.
The Ministry of Trade and Industry said in a statement earlier today, “Looking ahead, GDP growth in many of Singapore’s key final demand markets in the second half of 2019 is expected to slow from, or remain similar to, that recorded in the first half.”
Singapore’s annual GDP expanded 0.1% in the second quarter from the previous year, in line with the advance estimate of 0.1% however slightly off the expected mark of 0.2%.
Source: Smart Trend Team