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Singapore’s GDP badly misses forecasts, shrinking 3.4% from the prior quarter

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A view of Marina Bay Sands at sunrise on Sept. 18, 2016 in Singapore.

Rustam Azmi |Getty Images

Singapore’s economy shrank in the second quarter from the previous three months on an annualized basis, widely missing economists’ forecasts, preliminary data showed on Friday.

Gross domestic product (GDP) fell 3.4% in the April-June period from the previous quarter on an annualized and seasonally adjusted basis, the Ministry of Trade and Industry said in a statement.

A Reuters poll had forecast growth of 0.1% on a quarter-on-quarter, seasonally adjusted and annualized basis. In 2019’s first quarter, GDP expanded 3.8% from October-December.

Compared with a year earlier, GDP grew 0.1% in the second quarter, less than the 1.1% expansion forecast in a Reuters poll.

In the first quarter, GDP grew a revised 1.1% from a year earlier.

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