Singapore’s economy sharply missed expectations in the second quarter, even as analysts have been cutting their forecasts for growth in the city-state.
“Growth slowed across the board,” Tim Condon, an economist at ING, said in a note Tuesday. “The last time we saw anything like this was in the fourth quarter of 2008,” during the Global Financial Crisis. ING is reviewing its full-year growth forecast, Condon said, noting the data implies a forecast cut to 2.5 percent from 2.8 percent.
Gross domestic product (GDP) contracted a sharp 4.6 percent on-quarter in the second quarter, well off a Reuters poll forecast for a 0.8 percent increase and a reversal from the first quarter’s 4.2 percent expansion, according to data from Singapore’s Ministry of Trade and Industry.