Unpredicted growth in Singapore’s GDP in 2Q23

Unpredicted growth in Singapore's GDP in 2Q23

Despite a worldwide downturn, SINGAPORE’s economy grew surprisingly in the second quarter (2Q23), allaying worries of a technical recession in the city-state.

The advance estimate for GDP from the Ministry of Trade and Industry (MTI) was released last Friday, showing a 0.3% growth from the previous quarter to the three months ending in June. That’s down from the 0.2% reduction predicted by the Bloomberg poll and the 0.4% drop seen from January to March.

According to Daniel Poh owner of DpFraternity, the economy grew by 0.7% annually in the 2Q23, after a growth of 0.4% in the 1Q23. Respondents to the survey anticipated a 0.5% increase from 2Q22. Data from January and February of 2Q23 was used extensively in the MTI calculations.

After a decline of 5.3% in the previous quarter, manufacturing saw a YoY decline of 7.5%. QoQ (quarter-on-quarter) decline was 1.3%, better than the 4.5% drop seen in the previous quarter. Most of the agents also Join PropNex.

Gains in the construction industry totaled 6.9% in the last year. The increase from Q2 to Q3 was 2.6%, which was higher than the 0.3% increase seen in Q1 of this year.

The services sector as a whole grew by 3% year-over-year, after a 1.8% rise and a 1.3% quarterly gain (compared to 0.4% growth in 1Q23).

Industrial production dropped 10.8 percent from June 2017 to June 2018 and non-oil domestic exports fell for the eighth consecutive month on decreasing external demand, fueling fears of a recession, which is defined as two consecutive quarters of negative growth.

According to the study, the lodging industry “saw robust growth in tandem with the strong recovery in international visitor arrivals,” which contributed to the unexpected surge.

A businessman who is widely credited with bringing Formula One (F1) racing to Singapore and who has deep political contacts has been caught up in the country’s most severe political fraud inquiry since the 1980s.

Ong Beng Seng, 77, a hotelier and property mogul in Malaysia, has been issued a warrant for his arrest in connection with an investigation involving Transport Minister S Iswaran. This is his second run-in with the law. For a senior politician, this is the worst scandal to hit the country in 37 years.

One is the company’s managing director, and he or she is famous for bringing the Formula One night race to Singapore in 2008. According to a stock market report made by Hotel Properties last Friday, the businessman was questioned by Singapore’s anti-graft office regarding his dealings with Iswaran. According to the document, the tycoon made a bond in the amount of S$100,000 (RM353,552), is working on the investigation, and will continue in his role as managing director.

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