Singapore GDP Growth at 3-Year Low


The Singapore's economy expanded by 1.7 percent year-on-year in the second quarter of 2015, lower than an upwardly revised 2.8 percent expansion in the preceding quarter and missing market forecasts. It is the slowest growth since the first quarter of 2012, as an expansion in the construction and the services sectors were unable to offset a decline in the manufacturing sector.

According to advance estimates, the manufacturing sector contracted by 4.0 percent year-on-year in the June quarter, extending a 2.7 percent decline in the first quarter, largely due to a fall in output in the biomedical manufacturing and transport engineering clusters. 

The construction sector expanded by 2.7 percent year-on-year in the second quarter, improving from a 2.1 percent growth recorded in the previous quarter. Growth was supported by stronger expansion in public sector construction activities.

Growth in the services producing industries came in at 3.0 percent compared to the preceding year, easing from 4.2 percent in the previous quarter. The moderation in growth was largely due to slower expansion in the wholesale & retail trade and business services sectors, as well as a contraction in the transportation & storage sector. 

On a quarter-on-quarter seasonally-adjusted annualized basis, the economy contracted by 4.6 percent from an upwardly revised 4.2 percent growth in the preceding quarter. It is the steepest fall since the third quarter of 2012. All sectors in the economy declined. The manufacturing sector dropped the most by 14.0 percent, reversing from a 0.4 percent growth in the first quarter. The services sector contracted by 2.6 percent, following a 3.8 percent expansion in the previous quarter and  the construction sector contracted by 0.2 percent, after registering a 8.3 percent growth in the preceding quarter.

Singapore GDP Growth at 3-Year Low


Statistics Singapore l Rida Husna l rida@tradingeconomics.com
7/14/2015 10:36:05 AM