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Singapore’s GDP grows on quarter, steady on year in Q2

by ChemOrbis Editorial Team -
  • 14/07/2017 (04:18)
According to the data from the Ministry of Trade and Industry, the Singaporean economy grew by 0.4% in the second quarter of 2017 on a quarterly basis from a contraction of 1.9% recorded in Q1. On a yearly basis, the country’s gross domestic product (GDP) increased by 2.4% in Q2, stable from the previous quarter.

The latest data showed that Singapore’s manufacturing activity rose by 8% in Q2 on a yearly basis following an 8.5% increase in the previous quarter, driven by the rise in electronics and precision engineering clusters. On a quarterly basis, the manufacturing sector also posted an increase of 2.4% in the Q2 after a slight rise of 0.4% in the previous quarter.

Services sector activity also rose by 1.7% in Q2 year-on-year compared to the 1.4% expansion in the previous quarter mainly on the back of the transportation and storage sectors as well as the business services sector. On a quarterly basis, the services sector grew by 0.4% after a shrink of 2.7% in the previous quarter.

However, the construction sector continued to decrease by 5.6% year-on-year in Q2, following a sharp drop of 6.1% in Q1 of 2017 due to a slowdown both in private and public sector construction activities. On a quarterly basis, it expanded by 4.3% following a significant fall of 14.4% in Q1 of 2017.
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