SINGAPORE: Singapore’s economy lost momentum in the second quarter as weeks of tightened mobility restrictions weighed on this year’s expansion.
Gross domestic product (GDP) in the three months through June contracted a seasonally adjusted 2% from the previous quarter, when it expanded 3.1%, the Trade and Industry Ministry said yesterday.
The median estimate among 15 economists surveyed by Bloomberg was for a quarterly contraction of 1.8%, as the city-state reimposed restrictions to stem a fresh wave of Covid-19 infections.
Compared to a year earlier, when the economy nosedived amid lockdowns at the start of the pandemic, activity rebounded 14.3%. The expectation was for 14.8% growth, according to the median estimate of 16 economists.
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