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Singapore economy grows 2.2% in Q2

by ChemOrbis Editorial Team - content@chemorbis.com
  • 14/07/2016 (17:33)
According to media reports, the Ministry of Trade and Industry (MTI) stated that Singapore’s economy grew 2.2% on a yearly basis in the second quarter of this year with the help of a production increase in the biomedical manufacturing and electronics clusters.

Singapore’s GDP increase in Q2 was higher than the 2.1% rise in the first quarter. On a quarter-on-quarter seasonally adjusted yearly basis, GDP grew 0.8%, faster than the previous quarter’s 0.2% expansion, MTI said.

The manufacturing sector expanded 0.8% on a yearly basis in the second quarter while the manufacturing sector fell 0.5% in Q1.

On a quarter-on-quarter basis, the biomedical manufacturing and electronics clusters increased at an annualized rate of 0.3% after an 18.4% expansion in the first quarter.

The construction sector expanded 2.7% on a yearly basis in the second quarter compared to the 4.5% expansion in Q1.

The services producing industries grew 1.7 percent on a yearly basis in the second quarter with the same pace of growth as in the first quarter.
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