Economists keep 2024 GDP forecasts after expected narrowing of official forecast to 2-3%
Q2 growth is at 2.9% on year and 0.4% sequentially, unchanged from advance estimates, though there are sectoral differences from early data
PRIVATE-SECTOR economists maintained their 2024 full-year growth forecast for Singapore, after the Ministry of Trade and Industry (MTI) narrowed its official full-year growth forecast for 2024 to a range of 2 to 3 per cent, from 1 to 3 per cent previously.
The narrowing was previously signalled by the Monetary Authority of Singapore, which said in its Jul 26 policy decision that Singapore’s full-year growth was likely to be closer to its potential rate of 2 to 3 per cent.
Second-quarter gross domestic product came in at 2.9 per cent, based on data from the ministry on Tuesday (Aug 13). On the year, the Q2 GDP print – unchanged from July’s advance estimate – slowed marginally from the previous quarter’s 3 per cent growth.
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