Singapore Narrowly Avoids Technical Recession after 0.7% Growth in 2Q

Singapore’s economy narrowly avoided a technical recession after reporting 0.7% YoY growth and 0.3% QoQ growth in the second quarter.

The reading was mostly in line with economists expectations polled by Reuters for a 0.6% YoY growth and 0.3% QoQ rise.

In the first quarter, Singapore’s economy fell by 0.4% QoQ on a seasonally adjusted basis, while recording a marginal growth of 0.4% from the same period of last year.


Earlier this month, Singapore’s central bank, the Monetary Authority of Singapore, warned of an uncertain growth outlook on its economy with downside risks.

“Should latent vulnerabilities in the global financial system emerge in the coming months, consumer and investor confidence could take a further hit, with adverse implications for the broader economy,” the central bank stated in its annual review.

The central bank estimated growth in Singapore to slow down to a range of 0.5% to 2.5% in 2023, lower than a 3.6% growth in 2022.