Singapore’s gross domestic product was down a seasonally adjusted 0.2 percent on quarter in the second quarter of 2022, the Ministry of Trade and Industry said on Thursday.
That missed estimated for a flat reading following the upwardly revised 0.8 percent increase in the previous three months (originally 0.7 percent).
On a yearly basis, GDP rose 4.4 percent – again missing forecasts for 4.8 percent and up from the upwardly revised 3.8 percent in the three months prior (originally 3.7 percent).
Upon the release of the data, the MTI narrowed Singapore’s GDP growth forecast for 2022 to 3.0 to 4.0 percent, from 3.0 to 5.0 percent.
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