Singapore’s economy is growing by 0.7% year-on-year in the second quarter

  • Economists polled by Reuters had expected growth of 0.3% on a quarterly basis and 0.6% on an annual basis.
  • The Monetary Authority of Singapore, the city’s central bank and financial regulator, warned of an “uncertain” growth outlook earlier this month.

Outside the Singapore Stock Exchange building.

Brian Van Der Beek | bloomberg | Getty Images

Singapore’s economy avoided a technical recession in the second quarter, growing 0.7% year-on-year and 0.3% qoq, advanced estimates show up.

Economists polled by Reuters had expected growth of 0.3% on a quarterly basis and 0.6% on an annual basis.

In the first quarter, Singapore’s economy shrank by 0.4% qoq on a seasonally adjusted basis and experienced marginal growth of 0.4% yoy.

The latest data comes after the Monetary Authority of Singapore, the city’s central bank and financial regulator, warned of an “uncertain” growth outlook earlier this month.

“Near term outlook remains uncertain with downside risks” Maas said in the annual review. “If underlying weaknesses in the global financial system emerge in the coming months, consumer and investor confidence could suffer another blow, with negative repercussions for the broader economy,” the report said.

In its annual review, the MAS estimated that GDP for 2023 will ease to a range of 0.5% to 2.5%, which is below the 3.6% growth in 2022.

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