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Singapore’s economic growth misses estimates in Q2

by ChemOrbis Editorial Team -
  • 11/08/2016 (16:10)
According to media reports, the Singaporean economy grew 2.1% on the year in the second quarter, missing economists’ growth forecast of 2.2%. The latest figure is also below the government’s previous estimate of 2.2% in July. On a quarterly basis, the country’s gross domestic product (GDP) expanded 0.3% in the April-June period.

The latest data showed that Singapore’s manufacturing activity expanded by 1.1% on the year following a 0.5% decline in the previous quarter on the back of higher production in the electronics and biomedical manufacturing clusters. However, services sector activity contracted and external demand remained muted. The construction sector grew 3.2%, slower than a 4% expansion in the first quarter while the wholesale & retail trade sector posted growth of 2.2% from a year earlier compared with a growth of 2.9% in the first quarter.

The Ministry of Trade and Industry also reported that the upper limit of growth estimates for 2016 were revised down to 1-2% from the earlier range of 1-3% due to persistently weak global demand and ongoing uncertainties for the global economy.
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