Singapore avoids technical recession as economy grows 0.7% year-on-year in second quarter

Singapore's system avoided a method recession successful the 2nd quarter, increasing 0.7% year-on-year and 0.3% quarter-on-quarter, advanced estimates showed.

Economists polled by Reuters expected to spot maturation of 0.3% quarter-on-quarter and 0.6% year-on-year.

In the archetypal quarter, Singapore's system contracted by 0.4% quarter-on-quarter connected a seasonally adjusted ground and saw marginal maturation of 0.4% year-on-year.

The latest information comes aft the Monetary Authority of Singapore, the city-state's cardinal slope and fiscal regulator, warned of an "uncertain" maturation outlook earlier this month.

"The near-term outlook remains uncertain with downside risks," the MAS said successful an yearly review. "Should latent vulnerabilities successful the planetary fiscal strategy look successful the coming months, user and capitalist assurance could instrumentality a further hit, with adverse implications for the broader economy," it said.

In it yearly review, MAS estimated the gross home merchandise for 2023 to easiness to a scope of 0.5% to 2.5%, little than the maturation of 3.6% successful 2022.

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