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Bloomberg
Singapore’s economy posted faster growth in the second quarter than previously estimated by the government as a recovery in global trade helped to buoy manufacturing.
Highlights of GDP report Gross domestic product rose a seasonally-adjusted and annualised 2.2 percent in the second quarter from the previous three months, the Ministry of Trade and Industry said. As one of Asia’s most trade-dependent countries, Singapore has benefited from a recovery in global trade since late last year, led by strong Chinese demand for electronics and other manufactured goods. The economy is likely to grow 2.5 percent in 2017, Prime Minister Lee Hsien Loong said.
While export-led industries are expanding strongly, there are mounting risks. Consumer-focused industries such as retail remain weak in the face of job cuts and rising debt.
There are also doubts over whether China can sustain its growth as the government tries to curb a credit bubble.
The Monetary Authority of Singapore, the nation’s central bank, has kept its policy stance unchanged for more than a year amid subdued price pressures and weak growth.