Singapore Cuts Growth Forecast to 2-2.5%

Singapore’s economy contracted in the second quarter as manufacturing activity declined, data showed on Tuesday, and the government narrowed its 2015 growth forecast citing downside risks to global growth.

Gross domestic product fell 4.0 percent in the second quarter from the previous quarter on an annualized and seasonally adjusted basis, the Ministry of Trade and Industry (MTI) said on Tuesday.

That was better than the government’s advance estimate issued in July, of a 4.6 percent contraction. The median forecast in a Reuters survey was also for a contraction of 4.6 percent.

via CNBC

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza