The Singapore's economy expanded by 1.8 percent year-on-year in the second quarter of 2015, down from a 2.8 percent growth in the preceding quarter but slightly above advance estimates. It is the slowest growth since the third quarter of 2012, mainly due to a further contraction in the manufacturing, the accommodation & food services and the transportation & storage sectors while most other sectors in the economy slowed.
Year-on-year, the manufacturing sector contracted by 4.9 percent from a year earlier, extending a 2.4 percent decline in the previous quarter, due to a fall in the output of biomedical manufacturing and transport engineering quarters.
The accommodation & food services sector declined by 0.6 percent, as compared to a 0.1 percent fall in the March quarter, largely due to a sluggish performance in the food & beverage segment.
The transportation & storage contracted by 0.9 percent, in contrast to a 1.4 percent growth in the previous three months, largely due to a contraction in the water transport segment on the back of a decline in sea cargo handled.
The construction sector, which expanded by 2.5 percent, after registering a 1.1 percent growth in the March quarter, mainly due to a pickup in public sector construction works.
The wholesale & retail trade sector advanced by 5.0 percent, slightly lower than a 5.3 percent expansion in the preceding quarter, mainly driven by both the wholesale trade and retail trade segments, with the latter being supported in turn by robust motor vehicles.owth
The information & communications sector grew by 4.5 percent, moderating from a 4.9 percent expansion in the preceding quarter, mainly due to the IT & information services segment.
The finance & insurance sector expanded by 7.1 percent, following a 7.8 percent growth in the previous quarter, largely underpinned by the fund management segment.
The business sector advanced by 2.0 percent, slowing from a 3.2 percent growth in the previous quarter, mainly due to the rental & leasing and other administrative & support services segments.
The "other services industries" grew by 1.6 percent, slowing from a 1.8 percent growth in the previous quarter, mainly supported by the public administration & defence and education, health & social services segments.
For 2015, the Singapore economy is expected to grow between 2.0 to 2.5 percent from an earlier forecast of 2.0 to 4.0 percent.
On a quarter-on-quarter seasonally-adjusted annualised basis, the economy contracted by 4.0 percent, following a revised 4.1 percent expansion in the preceding quarter quarter. It is the deepest contraction since the third quarter of 2012. A contraction were seen for: the manufacturing sector (-18.3 percent from a 1.7 percent growth in the previous quarter), the transportation & storage sector (-10.3 percent from a 6.5 percent), the business services sector (- 3.6 percent from a 3.1 percent growth), the wholesale & retail trade sector (-1.7 percent from a 20.5 percent growth) and the accommodation & food services (-1.4 percent from a 6.5 percent contraction). In contrast, growth were seen for: the construction sector (+2.9 percent from +4.2 percent), the information & communications (+4.9 percent from +1.1 percent), the finance & insurance sector (+2.5 percent from -12.8 percent) and the "other services sector" (+4.4 percent from -0.7 percent).
8/11/2015 3:30:09 AM