GDP grew 0.4% in the three months through June from the previous quarter. Compared with the year-ago, the economy expanded 2.9%. The outcome prompted the city-state to narrow its expectation for 2024 growth to come in at the upper half of the 1% - 3% range forecast previously.
Singapore said it expects the island’s economy to expand between 2% and 3% this year, narrowing the forecast on a resilient external demand outlook despite lingering risks.
The updated growth view from the Ministry of Trade and Industry was published Tuesday along with final second-quarter gross domestic product numbers, which showed expansion during the period matched the pace estimated initially.
