It is said that Singapore will continue with its growth forecast for 2018 as data displayed that the economy grew at a slightly better-than-expected 3.9% in the second quarter from a year ago, the Ministry of Trade and Industry (MTI) stated recently.
Gross domestic product (GDP) is expected to grow between 2.5 and 3.5% this year. This was a range the government had updated in May from an original forecast of 1.5 to 3.5%.
Following this, for the second quarter, the year-on-year GDP figure is a slight upward revision from the authorities original approximation of 3.8%, but a moderation from the 4.5% in the previous 3 months.
On a quarter-on-quarter seasonally adjusted annualized basis, the economy in Singapore grew at a slower pace of 0.6%, compared to the 2.2% in the 1st quarter and coming in below MTI’s forecast of 1%.
In addition, growth within the April to June period was primarily supported by manufacturing, which continued the double-digit growth from the previous quarter to grow by 10.2% year-on-year – business services and wholesale trade, as well as the insurance and finance sectors.