Marina Bay Sands, a famous destination in Singapore (Photo: VNA)

Hanoi (VNA) - Singapore's economy expanded 3.9 percent year on year in the second quarter of 2018, slightly above the advance estimate of 3.8 percent growth but lower than the median forecast of 4.1 percent.

The Singaporean Ministry of Trade and Industry (MTI) announced on August 13 that the city-state’s economy expanded 0.6 percent in the second quarter from the previous three months on an annualised and seasonally adjusted basis.

The growth was weaker than the initial estimate of a 1.0 percent expansion published by the government in July and the median forecast of a 1.3 percent rise in a Reuters survey.

The MTI also revised its first quarter growth to 2.2 percent from 1.5 percent on a quarter-on-quarter basis and its first quarter year-on-year growth to 4.5 percent from 4.3 percent.

Looking ahead, the MTI said several of Singapore's key markets are expected to see moderated growth in the second half of the year, and uncertainties and downside risks in the global economy have increased.

Therefore, it forecast the pace of expansion in Singapore's economy is expected to moderate in the second half of 2018, citing increased trade tensions between the US and China and tighter financial conditions globally.

However, the MTI maintained its growth forecast for this year at 2.5 to 3.5 percent.-VNA