On a year-on-year basis, the manufacturing sector grew by 0.2 percent, reversing the 6.7 percent decline in the previous quarter. Growth was mainly supported by the biomedical manufacturing and electronics clusters. The construction sector grew by 5.1 percent, marginally lower than the 5.8 percent growth in the preceding quarter. The expansion was underpinned by robust construction activities in the private sector.
The wholesale and retail trade sector expanded at a much faster pace of 5.6 percent on a year-on-year basis, compared to the 0.2 percent growth in the previous quarter. This was largely due to an expansion in the wholesale trade segment, which was supported by an increase in electronics re-exports.
The finance and insurance sector expanded by 13.1 percent on a year-on-year basis, after growing by 10.6 percent in the previous quarter. Accommodation and food services sector picked up slightly to 3.2 per cent from 2.6 percent in the previous quarter.