Marina Bay Sands, a famous destination in Singapore (Photo: VNA) Hanoi (VNA) - Singapore's economy expanded 3.9 percent yearon year in the second quarter of 2018, slightly above the advance estimate of 3.8percent growth but lower than the median forecast of 4.1 percent.
The Singaporean Ministry of Trade and Industry (MTI) announced on August13 that the city-state’s economy expanded 0.6 percent in the second quarterfrom the previous three months on an annualised and seasonally adjusted basis.
The growth was weaker than the initial estimate of a 1.0 percentexpansion published by the government in July and the median forecast of a 1.3percent rise in a Reuters survey.
The MTI also revised its first quarter growth to 2.2 percent from 1.5percent on a quarter-on-quarter basis and its first quarter year-on-year growthto 4.5 percent from 4.3 percent.
Looking ahead, the MTI said several of Singapore's key markets are expectedto see moderated growth in the second half of the year, and uncertainties anddownside risks in the global economy have increased.
Therefore, it forecast the pace of expansion in Singapore's economy isexpected to moderate in the second half of 2018, citing increased tradetensions between the US and China and tighter financial conditions globally.
However, the MTI maintained its growth forecast for this year at 2.5 to3.5 percent.-VNA
VNA
