Singapore slashes 2019 GDP growth forecast after sharp Q2 contraction

13 August, 2019, 20:29 | Author: Regina Silva
  • Singapore slashes 2019 GDP growth forecast after sharp Q2 contraction

What Happened: Singapore has reduced its annual gross domestic product growth estimates to between 0 and just 1 percent due to rising trade concerns and a worsening outlook for global electronics, CNA reported August 13. The median estimates in a Bloomberg survey of economists was for 3% contraction on-quarter and 0.2% growth compared to a year ago. That comes after a 26.9% drop in electronics exports in the second quarter year-on-year.

The construction sector expanded by 2.9%, compared to the 2.8% growth in the previous quarter, helped by public sector construction works. Last year, the Singapore economy expanded by 3.1%.

Growth in the accommodation & food services sector slowed to 0.9% YoY from 2.0% in the previous quarter as the food services and accommodation segments propped up headline figures.

Enterprise Singapore (ESG) said today that total non-oil domestic exports (Nodx) for the year is projected to contract by 8-9%, after slumping 14.6% in April to June from the same period last year. The food services segment expanded on account of higher sales at fast food outlets, other eating places and restaurants, whilst the accommodation segment grew on the back of a rise in worldwide visitor arrivals.

The information and communications sector grew by 4.1 per cent year-on-year, easing from the 5.2 per cent growth in the previous quarter.

Tenacious D and Jack White are working on music together
Me and Gass have been working on a jam-it's not quite done, but I think that's where Jack White comes in and helps us pull it over the finish line.


Liam Hemsworth wishes Miley Cyrus 'health and happiness' after split
Now, people are pointing out there may have been some crucial signs the seemingly happy newlyweds were on the rocks as far back as February- just two months after they tied the knot.


Manchester United target spotted at Bayern Munich for medical ahead of transfer
While the Nerazzurri have no position for Perisic within their ranks, Bundesliga champions Bayern are happy to open their doors. Perisic was pictured leaving a hospital in Munich on Monday and told Bild: "Yeah, I just had the medical check-up".


Services producing industries gained 1.1% year-on-year, moderating from the 1.2% growth in the previous quarter.

"This could severely dent global business and global confidence, with adverse implications on global trade and global economic growth".

GDP growth in the United States is expected to moderate in the second half of the year, as the effects of the fiscal stimulus implemented in early-2018 dissipate while slowing global growth and prolonged trade uncertainty weigh on private investment.

"Against this challenging external macroeconomic backdrop, and the deepening downturn in the global electronics cycle, the Singapore economy is likely to continue to face strong headwinds for the rest of the year", the ministry said in a statement Tuesday.

Despite overall bad performance, MTI pointed out that there are several areas of strength in the Singapore economy. The support came mostly from finance and insurance and information and communications segments but the wholesale and retail trade segment moderated the gains. On top of that, the recovery in the construction sector is also expected to be sustained.

Recommended:

  • 54% of Britons back Johnson bypassing Parliament to deliver Brexit

    54% of Britons back Johnson bypassing Parliament to deliver Brexit

    Anti-Brexit campaigners have chosen to use the Scottish courts to hear their case because it sits throughout the summer period. The initial hearing to determine how the legal challenge will proceed is due to take place before Lord Doherty later.
    Prison reform activists ridicule Johnson’s tough stance on crime

    Prison reform activists ridicule Johnson’s tough stance on crime

    Since taking office last month, Johnson has already set out plans to recruit another 20,000 police officers over the next three years.
    JUST IN: Norway mosque attack suspect rejects murder allegation

    JUST IN: Norway mosque attack suspect rejects murder allegation

    The suspect's lawyer, Unni Fries, said in a brief phone interview on Monday that she could not comment on the case. Prime Minister Erma Solberg said that working against hate speech was a priority.
  • Tim Willits joins Saber Interactive as COO

    Tim Willits joins Saber Interactive as COO

    He joined id in 1995 after impressing the company with Doom levels he created and distributed for free over the internet. Willits found Saber's impetus and small, focused team to be refreshing, saying "smaller teams are exciting and fun".

    Officer, suspect killed in California shootout

    Video after the shooting showed bullet holes in the front windows of two patrol cars and large holes blown in their back windows. A fourth officer responded and killed the driver during the shootout. "It was a long and horrific gun battle", the chief said.

    Astronomers Spot Unprecedented Flashes From Our Galaxy's Black Hole

    In fact, researchers believe the black hole in Holm 15A is at least 10,000 times as massive as our home galaxy's black hole. It's under constant observation with instruments like the WM Keck Observatory in Hawaii used by the UCLA team.
  • Missing dentures found stuck in United Kingdom  man's throat

    Missing dentures found stuck in United Kingdom man's throat

    Rui Amaral Mendes, an associate editor of BMJ Case Reports , which published the paper Monday. During one visit, doctors estimated he had lost 1.5 liters of blood, or about three pints.
    Andy Murray to play singles at Zhuhai Championships, China Open

    Andy Murray to play singles at Zhuhai Championships, China Open

    He played doubles in several tournaments, including Wimbledon with Serena Williams and the Citi Open with brother Jamie . Murray said he taken inspiration from doubles player Bob Bryan, who made a successful return from hip surgery.
    WordPress owner Automattic buys blogging platform Tumblr for an undisclosed amount

    WordPress owner Automattic buys blogging platform Tumblr for an undisclosed amount

    In addition to WordPress, Automattic also owns e-commerce platform, WooCommerce, and note-taking application Simplenote. The companies' announcement said the deal is "subject to customary closing conditions".
  • Woman stabbed in central Sydney knife rampage

    Woman stabbed in central Sydney knife rampage

    The witness suggests killing the suspect, while others tell the witness to stop and to wait for the police. He drove off later witnessing the men giving chase. "He was fearless, he was completely fearless.
    Britain Sends Warship To Persian Gulf

    Britain Sends Warship To Persian Gulf

    Washington and its Arab allies in the Gulf have accused Iran of carrying out the tanker attacks, allegations that Tehran denies.
    Scientists hail promise of first effective Ebola treatments in Congo trial

    Scientists hail promise of first effective Ebola treatments in Congo trial

    The NIAID, part of the NIH, and the Institut National de Recherche Biomedicale in the DRC jointly sponsored the trial. All Ebola treatment units will now use the two remaining monoclonal antibody drugs to help slash the death rate.


Popular

Excessive Heat Warning/Heat Advisory In Effect For Tuesday
IMPACTS.Dangerously high temperatures and humidity could quickly cause heat stress or heat stroke if precautions are not taken. The 100-degree weather that arrived in Houston late last week will continue for the first half of this week.

Trump official revises Statue of Liberty poem to defend migrant rule change
The new rule will go into effect October 15, and only government aid used after that point will be assessed, Cuccinelli said. The change stands to impact hundreds of thousands of immigrants who come to the United States legally every year.

Dak Prescott reportedly seeking $40 million per year
The Cowboys are straddled with the likelihood that they might have to overpay a quarterback who will never be at that level. ProFootballTalk's Mike Florio, however, reported that this was false by any standard.

USA to delay China tariffs on some products, including laptops, cell phones
Those items will be subjected to the tariffs starting December 15. "We're doing this for the Christmas season", Trump stated. Investors are taking the move as a sign of optimism for negotiations, but there may be far more cynical factors at play.

Three-year-old Irish boy in critical condition following swimming pool incident in Spain
The Department of Foreign Affairs said it is "aware of the the case and is providing consular assistance". An air ambulance crew later arrived and worked on the child for two hours to stabilise his condition.

Wall Street falls on geopolitical tensions, recession fears
Monday's reversals provided another reminder of the fragile mood across markets, which have endured a tumultuous start to August. The spread between 2-year and 10-year Treasury yields narrowed to only 6 basis points, near its lowest level in a dozen years.

'The Lion King' Remake Becomes Top Grossing Animated Movie Of All Time!
He also said that calling The Lion King an animated movie is 'misleading as far as what the expectations might be'. The Lion King earned $473.1 million in the United States while it collected a whopping $861.5 million overseas.

Police Reveal Cause Of Death Of Canadian Teen Killers
McLeod and Schmegelsky had not been seen since July 22 , just before police discovered their charred vehicle in a remote area. But last Wednesday, the Royal Canadian Mounted Police said it believed the suspects' bodies were found in northern Manitoba.

Money news Economy declines for first time since 2012
The Brexit crisis and the uncertain global outlook left the nation's economy on a "knife-edge" for the third quarter, he added. The data, which was worse than market expectations for zero growth, sent the pound sliding against the euro and dollar.

Minecraft’s long-promised Super Duper Graphics Pack isn’t happening now
The planned graphical update for Minecraft , the Super Duper Graphics Pack, has been canceled, says an announcement from Mojang . That makes sense, since Mojang is a Microsoft property, but it was later revealed the pack was confirmed for many platforms.