Free Trial

Government Rises Down 2023 GDP Forecast Range, As Q2 Growth Revisions Less Than Expected

SINGAPORE

The final Q2 GDP print came in a touch below expectations, at 0.1%, versus the projected 0.4%. Singapore avoided a technical recession, albeit just (Q1 growth was -0.4%). In y/y terms, growth was +0.5%, versus 0.8% expected. The government has revised down its 2023 growth forecast range to 0.5-1.5% from 0.5-2.5%.

  • The main drag came from the manufacturing sector, down 7.3% y/y (-5.4% y/y prior). Construction was up 6.8% y/y, similar to Q1, services expanded 2.6% y/y (1.9% prior).
  • Manufacturing/goods producing industries are likely facing headwinds from weaker export growth. Next Thursday July export figures are due.
  • USD/SGD sits a touch off recent highs, last under 1.3490. Recent highs have been just above 1.3500. The NEER (per Goldman Sachs estimates) is a touch above recent lows.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.