According to preliminary data on GDP for Q2, Singapore’s economy grew 0.8% over the previous quarter at a seasonally adjusted annualized rate, which represents an acceleration from Q1’s 0.2% modest expansion. The pickup in growth was mainly driven by a rebound in the services sector. On the down side, growth in both the construction and the manufacturing sectors recorded decelerations in Q2. The Singapore dollar weakened following the UK’s 23 June vote to leave the European Union as capital fled to safe haven assets such as the JPY and gold. Despite enjoying healthy fiscal and monetary buffers, Singapore’s highly open economy makes the country vulnerable to global financial shocks stemming from the Brexit.