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2023-07-14

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Singapore's Economy Grows Slightly in Q2, Averts Recession

By Chen Lin SINGAPORE, July 14 (Reuters) - Singapore's economy narrowly escaped a technical recession after posting modest growth in the April to June period, preliminary government data showed o

Singapore's Economy Grows Slightly in Q2, Averts Recession

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Four economists with quarterly estimates had forecast growth of 0.3% in a Reuters poll.</p><p>On an annual basis, the economy expanded 0.7% in the second quarter, Ministry of Trade and Industry advanced estimates showed. That compared with 0.4% growth in the prior quarter and a 0.6% expansion forecast in a Reuters poll.</p><p>The government had projected GDP growth of 0.5% to 2.5% for this year.</p><p>The ministry had said in May it does not expect a technical recession - defined as two consecutive quarters of contraction - this year but acknowledged that the external demand outlook for the rest of the year had weakened.</p><p>Singapore&#39;s inflation had remained elevated in the first half of this year, but authorities have said core prices should moderate further in the second half.</p><p>The Monetary Authority of Singapore left its policy settings unchanged in April, after tightening five times in a row since October 2021, reflecting concerns over the city-state&#39;s growth outlook.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"STI.SI":"富时新加坡海峡指数"},"source_url":"https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2351403238","content_text":"SINGAPORE, July 14 (Reuters) - Singapore's economy narrowly escaped a technical recession after posting modest growth in the April to June period, preliminary government data showed on Friday, as global demand weakened and China's slowdown dragged on trade.The economy grew a seasonally adjusted 0.3% quarter-on-quarter, following a 0.4% contraction in the first quarter. 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