Forex News

Singapore's GDP growth slowed in the second quarter

Singapore's economic growth slowed for three months to March, after the acceleration in the previous quarter, as evidenced by preliminary estimates from the Ministry of Trade and Industry, published on Friday. In the second quarter, gross domestic product grew by 3.8 percent compared to the same period last year, which is below the growth of 4.3 percent, noted in the first quarter. The industrial sector in the quarter to March expanded by 8.6 percent year-on-year, while the construction sector declined by 4.4 percent. In the industries producing services, growth was registered at 3.4 percent. On a quarterly basis, seasonally adjusted and on an annual basis, the economy grew at a slower rate of 1.0 percent compared to a growth of 1.5 percent in the previous quarter.