Singapore Downgrades Economic Growth Forecast Over Contraction in Q2 GDP - Forex News by FX Leaders
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Singapore Downgrades Economic Growth Forecast Over Contraction in Q2 GDP

Posted Tuesday, August 13, 2019 by
Arslan Butt • 1 min read

On Tuesday, the Singapore government downgraded its economic growth forecast after its Q2 GDP came in at -3.3% QoQ. The revised estimates now stand at 0-1% for 2019, down from the previously estimated 1.5-2.5%.

Q2’s final GDP contraction of 3.3% has come in lower than the government’s advance estimates which were for a contraction of 3.4% for the period. However, this number is worse than economists’ expectations, which were for a contraction by 2.9%.

As global economic conditions deteriorate on account of rising trade tensions, Singaporean economy is also experiencing a slowdown, which some anticipate could turn into a recession soon if conditions don’t improve. Singapore’s central bank is due to conduct its next meeting in October, where markets widely anticipate it could announce policy easing measures to offset the economy’s contraction.

Just like the advance estimate, GDP grew at 0.1% YoY in Q2 2019, however, expectations were for a 0.2% rate of growth.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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