SINGAPORE: The Ministry of Trade and Industry said on Friday (July 7) that it will release the advance gross domestic product (GDP) estimates for the second quarter of 2017 on July 14 at 8am. The Singapore economy has been outperforming projections recently, expanding by 2.7 per cent year-on-year in the first quarter of this year.
For the second quarter, private-sector economists polled by the Monetary Authority of Singapore (MAS) tipped the economy to expand by 2.7 per cent again. MAS managing director Ravi Menon reiterated last week that Singapore’s export-reliant economy was forecast to grow by 1 per cent to 3 per cent this year, with a “strong likelihood” that growth would exceed last year’s 2 per cent. The economists polled in the MAS survey said they expect the economy to grow 2.5 per cent this year, up from their forecast in March of a 2.3 per cent growth. The advance GDP estimates are computed largely from data in the first two months of the quarter – in this case, April and May. They are intended as an early indication of GDP growth in the quarter and are subject to revision when more comprehensive data becomes available.