Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
Stocks Are Hot! Get 50% Off InvestingPro Now 🌞 CLAIM OFFER
Singapore’s economy grows slightly more than expected in Q2
Published Jul 13, 2023 08:48PM ET
© Reuters
Investing.com-- Singapore’s economy grew slightly more than expected in the second quarter, data showed on Friday, as resilience in construction activity and the service industry helped offset a sharp decline in manufacturing.
Gross Domestic Product (GDP) grew an annualized 0.7% in the three months to June 30, advance estimates from the Ministry of Trade and Industry showed. The figure was more than expectations for a rise of 0.6%, and higher than the 0.4% growth seen in the first quarter.
GDP grew 0.3% from the prior quarter, with the city state dodging a technical recession after GDP shrank 0.4% quarter-on-quarter in the first three months of 2023.
Local construction activity grew 6.6% and was one of the key supports to the economy, while demand for retail trade, IT services and accommodation and food services also helped buoy economic growth.
An increase in tourism, as China reopened its borders, also supported growth, as international arrivals recovered sharply through the quarter.
But Singapore’s key manufacturing and export sector was hit hard by slowing demand, particularly in major trading partner China. The manufacturing sector shrank 7.5% year-on-year in the second quarter.
Advance GDP estimates are based on the first two months of the quarter, with a fuller reading due in August.
Singapore expects GDP to grow between 0.5% and 2.5% in 2023, after the economy grew a slower-than-expected 2.1% in 2022.
The country’s key non-oil exports shrank drastically over the past year, and are expected to remain under pressure over the coming months. An economic recovery in China was also seen running out of steam during the second quarter, which is a trend that heralds continued pressure on the Singaporean economy.
But China is also expected to roll out more stimulus measures in the coming months, which could spur a local economic recovery that spills over into Southeast Asia.
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.