Singapore Trims Growth Forecast After GDP Fell Last Quarter
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Singapore slashed the upper end of its growth forecast for 2015 after the economy shrank last quarter, signaling a softened outlook even as the government prepares for a general election. The currency slipped to its lowest in five years.
The growth forecast is now 2 percent to 2.5 percent this year, from 2 percent to 4 percent previously, the trade ministry said in a statement Tuesday. Gross domestic product fell an annualized 4 percent in the three months through June from the previous quarter, when it grew a revised 4.1 percent. That compares with an initial estimate for a 4.6 percent drop, which was also the median in a Bloomberg survey.