Singapore GDP Growth Slows in Q2

Advance estimates showed the Singaporean economy rose at the slowest pace in five quarters. The GDP advanced 2.1 percent in the second quarter of 2014, lower than the 4.7 percent growth in the previous three months, as production in all main sectors of the economy slowed.

On a year-on-year basis, the manufacturing sector grew by 0.2 percent in the second quarter, moderating from the 9.9 percent expansion in the previous quarter. The deceleration in growth was largely due to a contraction in electronics output and slower growth in transport engineering output.

The construction sector grew by 5.0 percent, compared to 6.4 percent in the preceding quarter, due to a slowdown in private sector construction activities.

The services producing industries grew by 2.8 percent, following the 3.9 percent growth in the previous quarter. The moderation in growth was largely due to slower expansion in the wholesale and retail trade and transportation and storage sectors.

On a quarter-on-quarter seasonally adjusted basis, the GDP contracted for the first time in seven quarters by an annualized 0.8 percent.

Singapore GDP Growth Slows in Q2

MTI | Joana Taborda |
7/14/2014 9:13:58 AM