SINGAPORE: Singapore’s Ministry of Trade and Industry (MTI) announced on Tuesday that the country’s gross domestic product (GDP) expected for the whole year of 2019 was ranged from 1.5 to 2.5 percent, compared to the previously announced 1.5 to 3.5 percent.
The ministry said it has narrowed its 2019 GDP growth forecast, taking into account the performance of the Singapore economy in the first quarter, as well as the weaker external demand outlook for Singapore, reports Xinhua.In the first quarter, the city-state saw its economy grew by 1.2 percent year on year, slightly lower than the 1.3 percent growth in the previous quarter. On a seasonally adjusted quarter-on-quarter basis, the economy expanded by 3.8 percent, a reversal from the 0.8 percent contraction in the previous quarter.
As for the external environment, the MTI said that the global growth outlook remains clouded by uncertainties and downside risks, which makes key outward-oriented sectors in the Singaporean economy expected to slow this year.
It said that Singapore’s manufacturing sector is likely to see a sharp slowdown in growth following two years of robust expansion.