Roller coaster ride: Singapore to revise Q2 growth figures

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The Singapore government is expected to revise downwards its preliminary figures for second quarter GDP growth when it releases final data on August 12.The advance estimates had put second quarter GDP growth at 3.7 per cent year-on-year and 15.2 per cent quarter-on-quarter on an annualised, seasonally adjusted basis. Economists expect a downward revision in the wake of slightly weaker-than-expected June industrial production data.However, Prime Minister Lee Hsien Loong is expected to reveal an upward adjustment of Singapore’s full year growth forecast in his National Day address on August 8.

A slight recovery in the global chip sector and strength in financial services, flagged by the central bank last month, has raised expectations that the full year growth forecast could be raised from 1 to 3 per cent. Singapore’s economy grew by just 0.2 per cent year-on-year in the first three months of 2013.

Analysts had already warned that the preliminary GDP figures were largely data from the first two months of the second quarter 2012 and needed to be revised also to factor in the effects of the smog disaster in June and the subsequent losses for businesses and tourism.

 

 

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Reading Time: 1 minute

Reading Time: 1 minute

Marina bay sands

The Singapore government is expected to revise downwards its preliminary figures for second quarter GDP growth when it releases final data on August 12.The advance estimates had put second quarter GDP growth at 3.7 per cent year-on-year and 15.2 per cent quarter-on-quarter on an annualised, seasonally adjusted basis. Economists expect a downward revision in the wake of slightly weaker-than-expected June industrial production data.However, Prime Minister Lee Hsien Loong is expected to reveal an upward adjustment of Singapore’s full year growth forecast in his National Day address on August 8.

A slight recovery in the global chip sector and strength in financial services, flagged by the central bank last month, has raised expectations that the full year growth forecast could be raised from 1 to 3 per cent. Singapore’s economy grew by just 0.2 per cent year-on-year in the first three months of 2013.

Analysts had already warned that the preliminary GDP figures were largely data from the first two months of the second quarter 2012 and needed to be revised also to factor in the effects of the smog disaster in June and the subsequent losses for businesses and tourism.

 

 

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