S'PORE GROWTH
SLOWS TO 1.7% IN Q2
Jul 15, 2015
The Singapore economy grew 1.7 percent in the second quarter
of 2015 from last year, lower than the 2.8 percent growth in the previous
quarter, according to advance estimates from the Ministry of Trade and Industry
(MTI).
On a quarter-on-quarter seasonally-adjusted annualised
basis, the economy contracted 4.6 percent, a reversal from the 4.2 percent
expansion in the quarter before.
The manufacturing sector contributed significantly to the
slower growth in Q2, contracting by 4.0 percent on year, extending the 2.7
percent decline in the previous quarter. This was largely due to a fall in
output in the biomedical manufacturing and transport engineering clusters.
Meanwhile, the construction and services sectors continued
to grow last quarter, registering a 2.7 percent and 3.0 percent expansion
respectively from a year ago.
Looking ahead, MTI will release the preliminary GDP
estimates for the second quarter in its Economic Survey of Singapore in August
2015.
Info courtesy –
Property guru
