Singapore Q2 GDP grows 0.4 percent from last quarter, dodges recession

by Dramelin 7:30 PM 0 comments

Singapore`s trade-reliant economy grew in the second quarter from the quarter before, dodging a recession, thanks to solid gains in the manufacturing sector.
The economy expanded 0.
4 percent in the April-June period from the previous three months on an annualized and seasonally adjusted basis, the Ministry of Trade and Industry said on Friday in a statement.
Revised data showed the economy had suffered a deeper contraction of 1.
9 percent in the January-March quarter, versus the previous estimate of a 1.
Economists polled by Reuters had given a median forecast of 1.
1 percent quarter-on-quarter growth for April-June.
Gross domestic product grew 2.
5 percent in the second quarter from a year earlier, compared to the median forecast of a 2.
8 percent expansion in the survey.