Singapore’s 2Q GDP Revised Lower As MTI Cuts 2016 Forecast

Economic Research	12 August 2016
Singapore
Economic Highlights
Singapore’s 2Q GDP Revised Lower As MTI Cuts 2016 Forecast Singapore’s 2Q was revised lower to 0.3% q-o-q on a seasonally adjusted, annualised (SAAR) basis at its second reading, retreating from a 0.8% rise estimated earlier and only marginally better than its 0.1% gain in 1Q 2016. Compared to the advance estimates, services sector activities weakened modestly, outweighing improvements in manufacturing and construction works. On a   y-o-y basis, the economy grew 2.1% in 2Q, matching the pace of growth from the quarter before. Private consumption demand continued to ease. However, expansions in government spending and exports helped mitigate the downside. The Ministry of Trade and Industry (MTI) narrowed its forecast for 2016 GDP to 1-2%, from1-3% previously, citing the dampened global outlook following the Brexit fallout. Economist:  Ng Kee Chou | +603 92802179
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