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Singapore GDP Climbs 0.1% On Quarter In Q2
(RTTNews) - Singapore's gross domestic product expanded a seasonally adjusted 0.1 percent on quarter in the second quarter of 2023, the Ministry of Trade and Industry said on Friday.
That was shy of expectations for an increase of 0.3 percent following the 0.4 percent contraction in the three months prior.
On an annualized basis, GDP grew 0.5 percent - again missing forecasts for 0.7 percent but up from 0.4 percent in the previous quarter.
Upon the release of the data, the MTI narrowed its 2023 growth forecast to 0.5 to 1.5 percent from 0.5 to 2.5 percent.
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