The Singapore economy grew 1.7 percent in the second quarter of 2015 from last year, lower than the 2.8 percent growth in the previous quarter, according to advance estimates from the Ministry of Trade and Industry (MTI).
On a quarter-on-quarter seasonally-adjusted annualised basis, the economy contracted 4.6 percent, a reversal from the 4.2 percent expansion in the quarter before.
The manufacturing sector contributed significantly to the slower growth in Q2, contracting by 4.0 percent on year, extending the 2.7 percent decline in the previous quarter. This was largely due to a fall in output in the biomedical manufacturing and transport engineering clusters.
Meanwhile, the construction and services sectors continued to grow last quarter, registering a 2.7 percent and 3.0 percent expansion respectively from a year ago.
Looking ahead, MTI will release the preliminary GDP estimates for the second quarter in its Economic Survey of Singapore in August 2015.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
