Singapore GDP rises 3.8 percent in second quarter, slowing from first quarter: MTI

Singapore two-dollar bills

Singapore’s gross domestic product grew 3.8 percent on-year in the second quarter, slowing from the first quarter’s 4.3 percent rise, according to advanced-estimate data from the Ministry of Trade and Industry on Friday.

The Singapore dollar wobbled in early trade after the GDP data, with the dollar/sing rising as high as 1.3641 from around 1.3628 before the data; the pair had traded in a 1.3600 to 1.3652 band on Thursday, according to DZHI data. The dollar/sing was at 1.3627 at 8:56 A.M. SGT.

On a quarter-on-quarter basis, the economy grew 1.0 percent, down from the first quarter’s 1.5 percent on-quarter rise, it said.

The manufacturing sector saw 8.6 percent growth on-year in the April-to-June period, slowing from 9.7 percent growth in the first quarter, it said.

“All clusters within the sector expanded during the quarter, with the electronics and biomedical manufacturing clusters contributing the most to the sector’s growth,” it said.

But on a sequential basis, the sector contracted 0.1 percent on-quarter, after expanding 21.3 percent on-quarter in the first quarter, it said.

The construction sector contracted 4.4 percent on-year in the second quarter, extending the first quarter’s 5.2 percent fall, it said, adding it was weighed mainly by continuing weakness in private-sector construction activity.

In the services sector, activity expanded 3.4 percent on-year in the second quarter, slowing from the first quarter’s 4.0 percent growth, it said.

“Growth was supported primarily by the finance & insurance and wholesale & retail trade sectors,” it said.

 

Get Shenton Wire headlines in your inbox