SINGAPORE – Singapore’s economy narrowly escaped a technical recession after posting modest growth in the April-June period, preliminary government data showed on Friday, as global demand weakened and a slowdown in China hurt growth. trade.
The economy grew a seasonally adjusted 0.3 percent quarter-on-quarter, after a 0.4 percent contraction in the first quarter. Four economists with quarterly estimates had forecast growth of 0.3 percent in a Reuters poll.
On an annual basis, the economy expanded 0.7 percent in the second quarter, advanced estimates from the Ministry of Trade and Industry showed. That compares with growth of 0.4 percent in the previous quarter and an expansion forecast of 0.6 percent in a Reuters poll.
The government had projected GDP growth of 0.5 percent to 2.5 percent for this year.
The ministry had said in May that it did not expect a technical recession – defined as two consecutive quarters of contraction – this year, but acknowledged that the outlook for external demand for the rest of the year had weakened.
Singapore’s inflation remained elevated in the first half of this year, but authorities have said that core prices should moderate further in the second half.
The Monetary Authority of Singapore left its policy setting unchanged in April, after adjusting it five times in a row since October 2021, reflecting concerns about the city-state’s growth prospects.
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