Singapore posts year-on-year growth of 4.8% in Q2
Singapore’s economy expanded 4.8% year on year in the second quarter of 2022, led by the manufacturing sector, according to advance estimates released by the country’s Ministry of Trade and Industry (MTI) on July 14.
Cargo vessels at a port in Singapore (Photo: Xinhua/VNA)The Q2 growth rate was lower than the 5.4% prediction by economists polled by Bloomberg and unchanged on quarter-on-quarter seasonally-adjusted basis.
Meanwhile, the pace was still faster than the upwardly revised 4% in Q1.
The slower-than-expected growth during April - June indicated weakening global and domestic demand for goods and services amid surging inflation.
MTI in April had maintained its 3% to 5% economic growth forecast for 2022, but warned that the pace of expansion will likely come in at the lower half of the forecast range because of the impact of the Russia - Ukraine conflict and China’s strict COVID-19 lockdowns.
Also on July 14, the Monetary Authority of Singapore further tightened its policy stance, making room for a stronger Singapore dollar to douse the impact of rising global prices/.
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