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Press Release
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11 AUG 2023
MTI Narrows Singapore’s GDP Growth Forecast for 2023 to “0.5 to 1.5 Per Cent”
MTI Narrows Singapore’s GDP Growth Forecast for 2023 to “0.5 to 1.5 Per Cent”
11 August 2023. The Ministry of Trade and Industry (MTI) today announced that the 2023 GDP growth forecast for Singapore has been narrowed to “0.5 to 1.5 per cent”, from “0.5 to 2.5 per cent”.
Economic Performance in Second Quarter 2023
The Singapore economy grew by 0.5 per cent on a year-on-year basis in the second quarter of 2023, extending the 0.4 per cent growth in the previous quarter. On a quarter-on-quarter seasonally-adjusted basis, the economy expanded marginally by 0.1 per cent, a reversal from the 0.4 per cent contraction in the first quarter of 2023.
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Economic Survey of Singapore Second Quarter 2023
MINISTRY OF TRADE AND INDUSTRY
11 August 2023