Singapore Q2 GDP grows 0.1% q/q, lower than first estimated

SINGAPORE  – Singapore’s economy expanded less than initially estimated in the second quarter, official data showed on Friday, as the city-state averted a recession.

Gross domestic product (GDP) grew a seasonally adjusted 0.1 percent quarter-on-quarter in April to June, the Ministry of Trade and Industry said, lower than the 0.3 percent growth seen in the government’s advance estimate.

“Singapore’s external demand outlook for the rest of the year remains weak,” MTI said in a statement.

On an annual basis, the economy expanded 0.5 percent, compared with the government’s advance estimate of 0.7 percent and first quarter growth of 0.4 percent.

MTI has narrowed its GDP growth forecast to “0.5 to 1.5 percent” from “0.5 percent to 2.5 percent” for this year, down from 3.6 percent in 2022.