Singapore's economy has been growing much more slowly than people thought
FILE PHOTO: GuocoLand Ltd's mixed-use Tanjong Pagar Centre, soon to be the tallest building in the city-state, towers over other buildings in the central business district of Singapore Thomson Reuters
Singapore’s economy continued to splutter in the June quarter, growing at a far slower pace than expected.
According to advanced estimates offered by the Singaporean government, the economy grew 0.4% in seasonally adjusted annualised terms, missing forecasts for an expansion of 1.1%.
Despite the large miss it was still a significant improvement on the 1.9% contraction reported in the March quarter, and ensured that the economy avoided falling into recession.
From a year earlier, GDP expanded by 2.5%, unchanged from the previous quarter but below the 2.8% rate expected.
The government said that manufacturing expanded 8% over the 12 months, while services grew by a smaller 1.7%. That was offset by weakness in construction which fell 5.6% over the same period
This table shows the recent trend.
The government will release updated figures in its Economic Survey of Singapore that will be released in August.
Read the original article on Business Insider Australia. Copyright 2017. Follow Business Insider Australia on Twitter.
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