Singapore, Singapore (4E) – Prime Minister Lee Hsien Loong announced in his National Day Message that first-half gross domestic product (GDP) rose 3.5 percent, days before first half and second quarter economic data will be released. The figure compares with the 2 percent gain in the same period last year.
The island-nation’s annualized GDP growth probably dropped 0.1 percent in the quarter ended June from the prior period, when it grew 1.6 percent, according to economists’ median estimate in a Bloomberg News survey ahead of the numbers’ release on Aug. 12.
Based on the revised full-year growth estimates of between 2.5 percent to 3.5 percent, economists think the economy will expand 1.5 percent to 3.5 percent in the second half.
Mr. Lee said that Singapore needs to maintain that growth over the next decade to help improve the lives of the population. He adds that the country needs to reassess its position, review its direction, and refresh its strategies.