Singapore’s GDP Expands by 4.8% in 2Q22, Falling Short of Expectations

Singapore’s economy expanded by 4.8% in the second quarter, falling short of expectations, according to preliminary estimates provided by the Ministry of Trade and Industry on Thursday.

Economists polled by Reuters had expected an increase of 5.2% on a yearly basis for the second quarter. This, however, extends the revised 4% growth recorded in the previous quarter.

According to preliminary data, GDP was flat from April through July when compared to the previous quarter.

Since early April, Singapore has relaxed most of the Covid-19 local and travel restrictions, boosting the economic recovery of the Asian financial hub.