Singapore’s GDP badly misses forecasts, shrinking 3.4% from the prior quarter

FAN Editor

A view of Marina Bay Sands at sunrise on Sept. 18, 2016 in Singapore.

Rustam Azmi |Getty Images

Singapore’s economy shrank in the second quarter from the previous three months on an annualized basis, widely missing economists’ forecasts, preliminary data showed on Friday.

Gross domestic product (GDP) fell 3.4% in the April-June period from the previous quarter on an annualized and seasonally adjusted basis, the Ministry of Trade and Industry said in a statement.

A Reuters poll had forecast growth of 0.1% on a quarter-on-quarter, seasonally adjusted and annualized basis. In 2019’s first quarter, GDP expanded 3.8% from October-December.

Compared with a year earlier, GDP grew 0.1% in the second quarter, less than the 1.1% expansion forecast in a Reuters poll.

In the first quarter, GDP grew a revised 1.1% from a year earlier.

Free America Network Articles

Leave a Reply

Next Post

Trump: I'm 'not a fan' of cryptocurrencies, and Facebook may need a banking charter for Libra

President Donald Trump talks to reporters before boarding Air Force One to return to Washington from Morristown Municipal Airport in Morristown, New Jersey, July 7, 2019. Jonathan Ernst | Reuters U.S. President Donald Trump on Thursday said he’s “not a fan” of cryptocurrencies, and suggested that Facebook may need a […]