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Singapore posts year-on-year growth of 4.8% in Q2

Singapore’s economy expanded 4.8% year on year in the second quarter of 2022, led by the manufacturing sector, according to advance estimates released by the country’s Ministry of Trade and Industry (MTI) on July 14.
Singapore posts year-on-year growth of 4.8% in Q2 ảnh 1Cargo vessels at a port in Singapore (Photo: Xinhua/VNA)
Hanoi (VNA) – Singapore’s economy expanded 4.8%year on year in the second quarter of 2022, led by the manufacturing sector, according to advance estimatesreleased by the country’s Ministry of Trade and Industry (MTI) on July14.

The Q2 growth rate was lower than the 5.4% prediction byeconomists polled by Bloomberg and unchanged on quarter-on-quarter seasonally-adjusted basis.

Meanwhile, the pace wasstill faster than the upwardly revised 4% in Q1.

The slower-than-expected growth during April - June indicated weakening global and domestic demand for goodsand services amid surging inflation.

MTI in April had maintained its 3% to 5% economic growthforecast for 2022, but warned that the pace ofexpansion will likely come in at the lower half of the forecast range becauseof the impact of the Russia - Ukraine conflict and China’s strict COVID-19lockdowns.

Also on July 14, the MonetaryAuthority of Singapore further tightened its policy stance,making room for a stronger Singapore dollar to douse the impact of risingglobal prices/.
VNA
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