According to official estimates released this morning, Singapore’s economic growth slowed by 0.1 percent in the second quarter, which is the lowest rate in a decade.
Bloomberg stated that the economist forecast of 1.1 percent was badly missed and it is the lowest since the second quarter of 2009. The island’s GDP, on a quarter-on-quarter seasonally adjusted annualised basis, shrank 3.4 percent in April to June, as compared to the previous three months, the Ministry of Trade and Industry said in a statement. This outcome is very much below the forecast of 0.1 percent in a Reuters poll and far away from the 3.8 percent growth in the first quarter.
Selena Ling, head of treasury and strategy at OCBC Bank commented on the numbers by saying that they are “quite disastrous… way below even the worst street forecasts.”
Reporting on the news, CNBC said that Singapore authorities have previously said they will review their 2019 full-year GDP growth of 1.5 percent to 2.5 percent and ‘some analysts say there might be a recession in 2020.’
Analysis and opinions provided herein are intended solely for informational and educational purposes and don't represent a recommendation or investment advice by TeleTrade. Indiscriminate reliance on illustrative or informational materials may lead to losses.
All posted material is a marketing communication solely for informational purposes and reliance on this may lead to loss. Past performance is not a reliable indicator of future results. Please read our full disclaimer.
Risk Warning: Trading in the financial markets (including trading on margin) provides a wide range of opportunities and enables investors ready to take risks to make high profits, but it carries a potentially high level of risk of loss. Therefore, prior to trading you should take into careful consideration whether such operations are suitable for you in terms of your level of knowledge and financial situation.
© 2000-2019. All rights reserved.
This site is managed by Teletrade D.J. Limited 20599 IBC 2012 (First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.