Singapore upgrades 2021 GDP outlook as vaccinations gain pace
SINGAPORE, Aug 11 (Reuters) – Singapore’s bellwether economy expanded more than initially estimated in the second quarter and the government raised its forecast for 2021 as COVID-19 vaccinations progressed at home and in other key markets.
Gross domestic product (GDP) is forecast to grow 6% to 7% in 2021, versus a prior estimate for an expansion of 4 to 6%, the Ministry of Trade and Industry said.
GDP grew 14.7% year-on-year in the second quarter, higher than the 14.3% growth seen in the government’s advance estimate. Analysts had expected a 14.2% increase, according to a Reuters poll.
In absolute terms, GDP remained 0.6% below its pre-pandemic level in the second quarter of 2019.
On a quarter-on-quarter seasonally-adjusted basis, the economy contracted 1.8% in the second quarter, a reversal from the 3.3% expansion in the prior quarter.
“Barring a major setback in the global economy, the…