Singapore lowered its export growth forecast for this year on the 12th, on the grounds that the slowdown in China’s expansion will curb demand for Singapore’s products. However, driven by the service industry, the economy grew by 15.5% in the second quarter, which was better than expected. Singapore has revised its annual economic growth forecast to between 2.5% and 3.5%.
According to the statement of the Ministry of Trade and Industry (MTI), non-oil domestic exports may be flat or up 1% this year, not as good as previously forecast growth of 2% to 4%.
The Ministry of Trade and Industry said that non-oil domestic exports have not yet shown signs of recovery, but the recession compared with the same period last year has slowed down in the second quarter; with global demand expected to gradually recover, trade and non-oil domestic exports will also Moderate climb. The top three export destinations in Singapore are Malaysia, the European Union and China.
The Ministry of Trade and Industry also announced that the gross domestic product (GDP) in the second quarter increased by 15.5% compared with the previous quarter after seasonal adjustment and annualization, which was better than the 15.2% estimated in the previous month and the revised in the first quarter. 1.7%. If compared with the same period last year, the second quarter GDP expansion of 3.8%, slightly better than the initial estimate of 3.7%.
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