Singapore’s economy hit with sharp growth slowdown in Q2

GDP grew at a measly 1.8%.

Singapore’s economic growth decelerated sharply in the second quarter, according to figures from the Ministry of Trade and Industry (MTI).

The country’s GDP grew by 1.8% year-on-year in the second quarter, markedly slower than the 2.8% growth in the first quarter.

On a seasonally-adjusted annualised quarter-on-quarter basis, the economy contracted by 4%, reversing the 4.1% growth in the preceding quarter.

The decline was mainly driven by an 18.3% quarter-on-quarter decline in manufacturing, as well as the 1.1% contraction in services.

In light of the weak Q2 numbers, the MTI has narrowed its growth forecast to 2.0 to 2.5%, from 2.0 to 4.0%.

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