Singapore Q2 GDP grows 4.4% y/y, slower than first estimated

Singapore Q2 GDP grows 4.4% y/y, slower than first estimated
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SINGAPORE (Aug 11): Singapore's economy expanded less than initially estimated in the second quarter, official data showed on Thursday.

Gross domestic product (GDP) grew 4.4% year-on-year in the second quarter, the Ministry of Trade and Industry (MTI) said, lower than the 4.8% growth seen in the government's advance estimate.

On a quarter-on-quarter seasonally adjusted basis, the economy contracted 0.2%, compared with the government's advance 0% estimate and the 0.8% growth in the first quarter.

The MTI said it would narrow its 2022 GDP growth forecast to "3% to 4%" from "3% to 5%, adding the external demand outlook for the economy has weakened compared with three months ago.