Singapore’s Q2 GDP grew 4.4% yoy

A worker cleans the pond in front of the ArtScience Museam with the city skyline in the background in Singapore on August 2, 2022.

Roslan Rahman | AFP | Getty Images

Singapore’s economy grew less than originally thought in the second quarter, official data showed on Thursday.

Gross domestic product (GDP) grew 4.4% year on year in the second quarter, the Ministry of Trade and Industry (MTI) said, slower than the 4.8% growth in the government’s flash estimate.

On a seasonally adjusted quarterly basis, the economy contracted 0.2%, compared with the government’s forecast of 0% and growth of 0.8% in the first quarter.

The MTI said it would trim its 2022 GDP growth forecast to “3%-4%” from “3%-5%,” adding that the external demand outlook for the economy is improving compared to three years ago months have weakened.

Stock picks and investment trends from CNBC Pro: Singapore’s Q2 GDP grew 4.4% yoy

Joshua Buckhalter

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