Aug 06, 2013

    Q2 GDP may be revised downward

    ECONOMISTS are expecting Singapore's second-quarter gross-domestic-product (GDP) growth to be lower than preliminary estimates.

    The Ministry of Trade and Industry (MTI) said on its website yesterday that it will release a detailed report of the data at 8am on Monday.

    The Economic Survey of Singapore will include information and data on the overall GDP performance of the economy, sectoral performance, sources of growth, inflation, employment and productivity in the second quarter of the year, it said.

    The advance estimates had put second-quarter GDP growth at 3.7 per cent year-on-year and 15.2 per cent quarter-on-quarter on an annualised, seasonally-adjusted basis.

    Economists expect a downward revision in the wake of slightly weaker-than-expected June industrial-production data, according to Reuters.

    However, there might be better news before Monday's release of the full report.

    Prime Minister Lee Hsien Loong is expected to reveal an upward adjustment in Singapore's full-year growth forecast in his National Day address on Thursday evening.

    A slight recovery in the global chip sector and strength in financial services - flagged by the Monetary Authority of Singapore last month - have raised expectations that the full-year growth forecast could be raised from the current 1-3 per cent.

    Singapore's economy grew by just 0.2 per cent year-on-year in the first three months of the year.

    The Economic Survey of Singapore will be available on the ministry's website.