Singapore's economy grew 3.9pc in Q2; forecasts for trade and exports raised

A general view of the skyline in the central business district of Singapore July 2, 2015. — Reuters pic
A general view of the skyline in the central business district of Singapore July 2, 2015. — Reuters pic

SINGAPORE, Aug 13 — The Republic’s economy grew 3.9 per cent in the second quarter, latest data from the Ministry of Trade and Industry (MTI) showed this morning.

This is slightly higher than the 3.8 per cent growth in the initial estimates announced last month, but lower than the 4.1 per cent growth some analysts had expected.

Singapore’s economy grew 4.5 per cent in the first quarter of 2018.

MTI said: “Looking ahead, growth in several of Singapore’s key final demand markets is expected to moderate in the second half of the year as compared to the first half of the year.

“Taking into account the global and domestic economic environment, as well as the performance of the Singapore economy in the first half of the year, the GDP growth forecast for 2018 is maintained at 2.5 to 3.5 per cent.”

In a separate press release, Enterprise Singapore said the Republic’s non-oil domestic exports (NODX) grew 9.4 per cent in the second quarter, significantly higher than 1.1 per cent growth seen in the previous quarter, as shipments of non-electronic products  increased.

Meanwhile, Singapore’s total merchandise trade in the second quarter expanded by 10.2 per cent, as both oil and non-oil trade grew. This compares with the preceding quarter’s 2.5 per cent rise in total merchandise trade.

“Total merchandise trade and NODX forecasts for 2018 are adjusted upwards to between 5 per cent to 6 per cent, and 2.5 per cent to 3.5 per cent respectively,” Enterprise Singapore said. — TODAY

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