Singapore GDP Unexpectedly Expands as Outlook Improves

Singapore’s economy unexpectedly expanded last quarter as manufacturing declined less than initially estimated amid recoveries in advanced countries.

Gross domestic product rose an annualized 0.1 percent in the three months through June from the previous quarter, when it climbed a revised 1.8 percent, the trade ministry said in a statement today. That compares with a July estimate of a 0.8 percent contraction and the median forecast in a Bloomberg News survey of 14 economists for a 0.3 percent drop.

“While global growth in the first quarter of the year turned out weaker than expected, recent incoming data suggest that global economic activities are recovering modestly,” the trade ministry said. Externally-oriented sectors such as finance, insurance and wholesale trade are likely to support expansion in the second half, it said.


This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.