Singapore’s economic growth slows in Q2
On a quarterly basis, the country’s GDP contracted by 4.6% on a seasonally-adjusted annualized basis following an expansion of 4.2% in the previous three months.
The Ministry also reported that the manufacturing sector contracted 4% on the year after decreasing 2.7% in the previous quarter. The contraction was mainly attributed to lower production in the biomedical manufacturing and transport engineering clusters. The construction sector, however, grew 2.7% on the year following a 2.1% expansion in the preceding quarter owing to stronger output from public sector construction.
In addition, Singapore’s services sector expanded 3% year over year in the second quarter following a growth of 4.2% in the first quarter. The slowdown in growth was attributed to a slower expansion in the wholesale and retail trade and business services sectors, as well as a contraction in the transportation and storage sector.
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