SINGAPORE, Aug 13 — Singapore's economy grew 2.9 per cent in the April to June quarter from a year earlier, matching the official advance estimate and above market expectations, government data showed today.
The trade ministry said it had adjusted its GDP growth forecast range for 2024 to 2.0 per cent to 3.0 per cent, from 1.0 per cent to 3.0 per cent previously.
Economists in a Reuters poll forecast growth of 2.7 per cent for the second quarter.
On a quarter-on-quarter, seasonally adjusted basis, GDP expanded 0.4 per cent in the April to June period, also matching the advance estimate.
"On balance, Singapore's external demand outlook is expected to be resilient for the rest of the year," the trade ministry said, though it noted downside risks remained from any intensification of geopolitical and trade conflicts or if global financial conditions stayed tighter for longer than expected."
Against this backdrop, Singapore's manufacturing sector is expected to see a gradual recovery in the second half of the year," the ministry said.
Last month, the Monetary Authority of Singapore (MAS), the central bank, said it expected the economy to strengthen over the rest of 2024, with growth coming in closer to its potential rate of 2 per cent to 3 per cent.
For the whole of 2023, GDP grew 1.1 per cent, slower than 3.8 per cent in 2022.
The MAS left monetary policy settings unchanged last month in its third review of the year as inflation pressures continued to moderate and growth prospects improved.
— Reuters
