Singapore’s economy grows slower in Q2 than expected
Singapore’s economy in the second quarter of 2018 expanded just 3.8 percent from the same period last year, and only 1 percent from the previous quarter, a result slower than the median forecast of 4 percent and 1.2 percent in a Reuters poll of economists.
Singapore’s economy grows slower in Q2 than expected. (Photo: CNBC)
Hanoi (VNA)𒉰 – Singapore’s economy in the second quarter of 2018 expanded just3.8 percent from the same period last year, and only 1 percent from theprevious quarter, a result slower than the median forecast of 4 percent and 1.2percent in a Reuters poll of economists.
Manufacturingand exports of electronics were one of Singapore’s main drivers of growth lastyear. However, a decline in electronics shipments for six consecutive monthshas raised questions about overall demand in the sector. Earlierthis month, the Monetary Authority of Singapore warned that risks to the globalgrowth outlook have increased significantly due to the intensifying trade warand the rising prospect of inflation. Chiefeconomist at Continuum Economics Jeff Ng noted that one of the risks to Singapore’seconomy may come from supply chain risks from the US-China trade tensions.Meanwhile, measures to cool down the real estate market may also limit Singapore’sshort-term domestic growth, he added. Lastweek, the country, in a surprise move, imposed some curbs on the housingmarket. InApril, Singapore’s central bank tightened its monetary policy for the firsttime in six years. Some analysts believed the move is the start of alonger-term tightening cycle.-VNA
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Singapore’s economy grows slower in Q2 than expected. (Photo: CNBC)
