Financial News: Singapore Economy Expands As Estimated In Q2, Narrows

Singapore Economy Expands As Estimated In Q2, Narrows Growth Forecast

08/13/2024 - 04:31:00 (RTTNews)

(RTTNews) - Singapore's economic growth eased slightly, as initially estimated in the second quarter, and narrowed the GDP forecast for the year 2024, the latest data from the Ministry of Trade and Industry showed on Tuesday.

Gross domestic product grew 2.9 percent annually, following the 3.0 percent expansion in the preceding period. That was in line with the flash data published earlier.

The sectors that contributed the most to GDP growth during the quarter were finance and insurance, wholesale trade, and information and communications, the Ministry said.

On a quarter-on-quarter seasonally-adjusted basis, the economy grew at a stable pace of 0.4 percent in the June quarter.

On the expenditure side, total demand advanced 7.7 percent annually in the second quarter, driven by both domestic and foreign demand. External demand was 7.5 percent higher, and domestic demand rose by 8.1 percent.

Within domestic demand, the growth in consumption expenditure eased to 5.8 percent from 6.3 percent. The overall rise was underpinned by both higher private and public consumption.

Meanwhile, gross fixed capital formation rebounded 1.7 percent as investments in both the public and private sectors increased.

Looking ahead, Singapore's external demand outlook is expected to be resilient for the rest of the year, but downside risks in the global economy remain. On the production side, manufacturing sector is expected to see a gradual recovery in the second half of 2024, especially in the electronics cluster, supported by robust demand.

Taking into account the performance of the Singapore economy in the first half of 2024, as well as the latest global and domestic economic situations, MTI has narrowed the GDP growth forecast for 2024 from 1.0 to 3.0 percent to 2.0 to 3.0 percent.

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