Singapore’s Q2 growth slows to 2.1 percent: government

SINGAPORE, August 11, 2008 (AFP) – Singapore’s economic growth slowed to an annual 2.1 percent in the second quarter, the government announced on Monday, just days after cutting the full-year growth target to 4.0-5.0 percent. The quarterly performance was sharply down from the 6.9 percent rise recorded in the first quarter and brought real GDP expansion in the first half of 2008 to 4.5 percent, the ministry of trade and industry said.

On an annualised, quarter-on-quarter basis, GDP contracted 6.0 percent in the second quarter, better than expectations of a decline of 6.8 percent, Dow Jones Newswires reported.

Prime Minister Lee Hsien Loong on Friday said that growth in 2008 would be cut to 4.0-5.0 percent from 4.0-6.0 percent amid global economic uncertainty.