Singapore’s economy barely grew in the second quarter, with gross domestic product (GDP) edging up 0.1 percent on-year, slowing from 1.1 percent growth in the first quarter, according to preliminary estimates released by the Ministry of Trade and Industry (MTI) Friday.
The manufacturing sector contracted 3.8 percent on-year in the second quarter, extending the first quarter’s 0.4 percent decline, the data showed.
“The contraction was due to output declines in the electronics and precision engineering clusters, which more than offset output expansions in the rest of the manufacturing clusters,” MTI said.
That was offset by the construction sector growing 2.2 percent on-year in the second quarter, after expanding 2.7 percent in the first quarter amid increased public-sector construction, the statement said.
The services-producing industries grew 1.2 percent on-year, steady with the first quarter, mainly supported by the finance and insurance, information and communications and the “other services industries,” MTI said. Other services industries include education, health and social services, public administration, defense and recreation, it said.
On a seasonally adjusted, on-quarter annualized basis, the economy shrank 3.4 percent on-year in the second quarter after growing 3.8 percent in the first quarter, the MTI data show.
The preliminary estimates mainly use data from the first two months of the quarter and are subject to revisions, the statement said.
While you’re here, we’re hoping you can help us out.
Shenton Wire has been providing you with quick news and market analysis. But we need your support to continue to bring you the news you’ve come to expect and to expand our reach beyond Singapore.
Your monthly contribution will directly fund our journalism.
You can check your existing account here. You can also contact us about other contribution levels or for corporate subscriptions and syndication queries.