Based on advance indicators for Q2 2019, Singapore’s GDP barely increased in y/y terms (+0.1%) and declined by 3.4% q/q sa (down from +1.1% and 3.8%, respectively, in Q1). GDP contraction is due to the weak performance of the manufacturing sector, which is hard hit by the effects of US-China trade tensions and weakening global tech cycle. The authorities have recently revised down their forecast for real GDP growth in 2019, to a “1.5%-2.5%” range from a “1.5%-3.5%” range projected earlier this year. Risks to the outlook remain tilted to the downside.
Index Singapour
