Singapore Economy Expands 2.5% In Q2
The Singaporean economy expanded 2.5 percent year-on-year in the June quarter of 2017, equal to a downwardly revised 2.5 percent growth in the prior quarter and below market consensus of a 2.8 percent growth. While the manufacturing sector and services sector grew steadily, the construction sector continued its decline from last quarter, preliminary estimates showed.
7/14/2017 1:06:44 AM
Year-on-year, the manufacturing sector grew by 8.0 percent, compared to an upwardly revised 8.5 percent growth in the preceding quarter. Electronics and precision engineering clusters drove the expansion, namely semiconductors and semiconductor manufacturing equipment. The services producing industries advanced 1.7 percent, compared to a 1.4 percent rise in the prior quarter. Contributions mainly came from transportation & storage and business services sectors.
In contrast, the construction sector contracted by 5.6 percent, albeit slower than a 6.1 percent decline in Q1 due to sustained weakness in both private sector and public sector construction works.
On a quarterly basis, the GDP expanded an annualised 0.4 percent, compared to an upwardly revised 1.9 percent contraction in the previous three months and less than market estimates of a 1.1 percent expansion. The recovery was underpinned by rebounds in the construction sector (+4.3 percent from -14.4 percent in Q1) and services producing industries (+0.4 percent from -2.7 percent), while manufacturing expanded at a faster pace (2.4 percent from 0.4 percent).