Survey: Singapore's second quarter economic growth may slow down

According to a survey of nine economists by The Wall Street Journal, preliminary economic data to be released by Singapore on Monday is expected to show that the country's economy grew by 3.6% in the second quarter. This is lower than the 3.9% growth rate in the first quarter. This moderate slowdown is in line with recent overall Purchasing Managers Index readings in Singapore as indicated by economists at ANZ Bank's research department in a report. They suggest that other service-related activities may also slow down, especially in the retail and hospitality sectors. Based on predictions from eight economists in this survey, preliminary data shows that after seasonal adjustments, gross domestic product grew by 0.7% in the second quarter. This marks a reversal from the 0.6% contraction in the first quarter.