Singapore GDP Growth Down to 3.8%, says MTI

The economic report of Singapore for the second quarter of the year is expected to be release on Monday, Aug 13, at 8am, according to the Ministry of Trade and Industry (MTI). The survey will further show the final economic growth data for Q2 which includes comprehensive details about employment, growth sources, inflation, productivity, and sectoral performances.

While last month, the forecasts indicated that Singapore's economic growth declined to a one-year low of 3.8 percent in April to June quarter due to escalation of trade uncertainties and slackening manufacturing sector. The expectation came in weaker than market outlook and lower than the 4.3 percent expansion reported in the first quarter this year.

Nevertheless, economists remained consistent with their growth outlook for the whole year despite the remarkably downside risks on the back of increasing tensions between the US and China and the recent property cooling measures.

According to the central bank of the country, Monetary Authority of Singapore (MAS), the economy is projected to keep a  "steady expansion path" last month amid the headwinds brought by trade wars. While in May, the MTI reduced the range estimate for Singapore's annual growth between 2.5 and 3.5 percent.