TodayOnline-Nov 23
Singapore’s economy grew at a slower pace than initially thought in the third quarter, data showed on Thursday (Nov 22), with the trade ministry flagging growth will likely moderate further in the current quarter and next year in part due to the US-Sino trade war.
The economy grew 3.0 per cent in the July-September quarter from the previous three months on an annualized and seasonally adjusted basis, revised final figures from Ministry of Trade and Industry (MTI) showed. The government’s initial estimate, released on October 12, had showed the economy grew 4.7 per cent.
Gross domestic product grew 2.2 per cent in the third quarter from the year earlier, slower than the advance estimate of 2.6 per cent growth.
The median of 11 analysts in a Reuters poll predicted a 4.2 per cent rise quarter-on-quarter and a 2.4 per cent rise on a year-on-year basis.
The MTI revised its forecast for GDP growth for 2018 to 3.0 to 3.5 per cent, from 2.5 to 3.5 per cent previously. It gave a wide range for 2019’s GDP growth forecast of between 1.5 to 3.5 per cent.
“The external demand outlook for the Singapore economy in 2019 is slightly weaker as compared to 2018. At the same time, risks in the global economy are tilted to the downside,” the trade ministry said.
“There is the risk of a further escalation of the ongoing trade conflicts between the US and its key trading partners, which could trigger a sharp fall in global business and consumer confidence.” REUTERS
