Singapore expects growth to wane
By Alex Kennedy |
August 11, 2010, Wednesday
|
Print Edition
Print Edition
SINGAPORE said it expects economic growth to wane after a record second quarter as export demand from the United States and Europe slows.
Gross domestic product for April through June grew 18.8 percent from a year earlier, slightly less than the 19.3 percent growth initially announced last month, the Trade and Industry Ministry said yesterday. The growth was the fastest since the government began releasing quarterly GDP figures in 1975.
The ministry maintained its forecast for the Southeast Asian city-state's economy to grow between 13 percent and 15 percent this year.
"The weakness in the US labor and housing markets, combined with a fall in consumer confidence will affect household spending," it said. "Recovery in the EU is expected to remain sluggish."
Gross domestic product for April through June grew 18.8 percent from a year earlier, slightly less than the 19.3 percent growth initially announced last month, the Trade and Industry Ministry said yesterday. The growth was the fastest since the government began releasing quarterly GDP figures in 1975.
The ministry maintained its forecast for the Southeast Asian city-state's economy to grow between 13 percent and 15 percent this year.
"The weakness in the US labor and housing markets, combined with a fall in consumer confidence will affect household spending," it said. "Recovery in the EU is expected to remain sluggish."
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