UPDATE 1-Singapore slashes 2019 GDP growth forecast after sharp Q2 contraction [Reuters]
OVERSEAS CHINSE UNSP/ADR (OVCHY)
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Source: Reuters
UPDATE 1-Singapore slashes 2019 GDP growth forecast after sharp Q2 contraction - Reuters 2 Min Read SINGAPORE, Aug 13 (Reuters) - Singapore slashed its full-year economic growth forecast on Tuesday, as global conditions were seen worsening and final second quarter data showed the economy shrank 3.3% on the quarter. The government cut its forecast range for the city-state’s gross domestic product to zero to 1% from its previous estimate for 1.5%-2.5%. The second quarter’s 3.3% contraction was slightly smaller than the 3.4% decline seen in the government’s advance estimate on a seasonally adjusted and annualised quarter-on-quarter basis, but firmed bets a recession may be around the corner. Economists in a Reuters poll had expected the final reading to show a 2.9% fall. “Looking ahead, GDP growth in many of Singapore’s key final demand markets in the second half of 2019 is expected to slow from, or remain similar to, that recorded in the first half,” the Ministry of Trade and Industry s
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