13 August 2019. The Ministry of Trade and Industry (MTI) announced today that the GDP growth forecast for 2019 has been downgraded to “0.0 to 1.0 per cent”, with growth expected to come in at around the mid-point of the forecast range.
Economic Performance in Second Quarter 2019
The Singapore economy grew marginally by 0.1 per cent on a year-on-year basis in the second quarter, moderating from the 1.1 per cent growth in the previous quarter. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy contracted by 3.3 per cent, a reversal from the 3.8 per cent growth in the first quarter.