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Singapore’s Q2 GDP growth beats estimates

by ChemOrbis Editorial Team - content@chemorbis.com
  • 11/08/2017 (09:36)
According to media sources, Singapore’s gross domestic product rose 2.2% on a seasonally-adjusted and annualized basis in the second quarter compared to the first quarter of 2017 after the Ministry of Trade and Industry revised its earlier estimate of 0.4%. This was attributed to a recovery in global trade, led by strong Chinese demand for electronics and other manufactured goods.

The country’s Q2 gross domestic product expanded 2.9% on the year while preliminary estimates called for a gain of 2.5%, according to the Ministry of Trade and Industry. This figure also stands above the first quarters’ reading of 2.5%.

The manufacturing sector grew 8.1% compared to the same period of last year while the services industry, which accounts for about two-thirds of the economy, grew an annualized 3.3% in the second quarter from the previous three months. However, the construction sector contracted 5.7% on a yearly basis on a fall in private sector and public sector construction output.

Meanwhile, the ministry of Trade and Industry also adjusted its full year GDP growth estimates from 1-3% to 2-3%.
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