SINGAPORE, July 14 Reuters Singapore39;s economy grew slower than expected in the second quarter, preliminary data showed on Thursday.

The Asian financial hub39;s economy grew 4.8 in AprilJuly, according to advance estimates from the Ministry of Trade and Industry MTI, faster than the 4.0 revised growth figure seen in the first quarter, but missing forecasts.

Economists polled by Reuters had expected an increase of 5.2 yearonyear for the second quarter.

On a quarteronquarter seasonally adjusted basis, GDP was unchanged from the 0.9 expansion posted in the first quarter.

The Monetary Authority of Singapore MAS surprised markets on Thursday with an outofcycle policy tightening move aimed at tackling rising inflation.

A senior official at the MTI said in parliament last week though the risks in global economy remain significant, Singapore does not see or expect a recession or stagflation in 2023.

Singapore has eased most of its COVID19 local and travel restrictions since early April this year, supporting the citystate39;s economic recovery.

Reporting by Chen Lin and Kanupriya Kapoor in Singapore; Editing by Sam Holmes

Source Reuters