The Singapore economy grew by 2.1 percent year-on-year in the second quarter of this year, based on advance estimates released by the Ministry of Trade and Industry (MTI) today.
However, this is slower than the 4.7 percent growth in the previous quarter. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy contracted by 0.8 percent, from the 1.6 per cent growth in the preceding quarter.
The construction sector grew by five percent on a year-on-year basis, compared to 6.4 percent in the preceding quarter, due to the slowdown in private sector construction activities. On a quarter-on-quarter basis, the sector expanded at an annualised rate of 2.6 percent, an improvement from the 0.5 per cent contraction recorded in the previous quarter.
MTI will release the preliminary GDP estimates for the second quarter in August 2014.
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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