Singapore Barely Avoids Slump as Growth Stays Flat in 2Q
Bloomberg
Published Jul 14, 2022 15:50
(Bloomberg) -- Singapore’s economy flatlined in the second quarter, as soaring prices weighed on retail activity.
Gross domestic product in the April-June period posted zero growth from the prior three months, according to advance estimates Thursday from the Ministry of Trade and Industry, missing the median 1% expansion forecast in a Bloomberg survey of economists.
Compared to the year ago period, GDP rose 4.8%.
The city-state’s broad reopening has lit up previously dormant industries such as hospitality, restaurants, and other retail services catering to domestic consumers. Those as well as increasing tourist arrivals are providing a pickup in growth alongside pandemic-resilient industries including financial services.
©2022 Bloomberg L.P.
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Written By: Bloomberg
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