Singapore GDP Growth Revised Down to 2.1% YoY in Q2

Singapore's gross domestic product expanded 2.1 percent year-on-year in the the second quarter of 2016, unchanged from the first quarter and missing advanced estimate of 2.2 percent, final figures showed. Manufacturing was the main driver of growth while services and construction sectors slowed.

Year-on-year, the manufacturing sector expanded by 1.1 percent, a reversal from a 0.5 percent decline in the previous quarter. Growth was supported by an increase in the output of the biomedical manufacturing and electronic clusters.

The construction sector grew by 3.3 percent, slowing from a 4 percent expansion in the first quarter. The moderation was largely due to a slowdown in private sector construction activities.

Growth in services sector slowed for: wholesale and retail trade; accomodation and food services; information and communications; finance and insurance; while business services contracted.

On a quarter-on-quarter seasonally-adjusted annualized basis, the economy grew by 0.3 percent, compared to a 0.1 percent expansion in the March quarter but below preliminary estimate of a 0.8 percent growth. The main drivers of growth were the manufacturing sector (+1 percent) and construction (+5.3 percent); while services contracted (-0.6 percent).

Singapore GDP Growth Revised Down to 2.1% YoY in Q2

Statistics Singapore l Joana Ferreira |
8/11/2016 1:22:45 AM