Singapore’s gross domestic product gained 1.7 percent on year in the second quarter of 2015, the Ministry of Trade and Industry said in Tuesday’s advance estimate.
That was well shy of forecasts for an increase of 3.2 percent and down from the upwardly revised 2.8 percent growth in the first quarter (originally 2.6 percent).
Seasonally adjusted and on an annualized quarterly basis, GDP tumbled 4.6 percent – missing by a mile forecasts for an increase of 1.0 percent.
GDP had expanded an upwardly revised 4.2 percent on quarter in the three months prior (originally 3.2 percent).
The manufacturing sector contracted 4.0 percent on year in the second quarter, extending the 2.7 percent decline in the previous quarter. The contraction was largely due to a fall in output in the biomedical manufacturing and transport engineering clusters.
On a quarterly basis, the sector contracted at an annualized rate of 14.0 percent, reversing the 0.4 percent expansion in the three months prior.
The construction sector expanded 2.7 percent on year in the second quarter, up from the 2.1 percent growth in the previous quarter. Growth was supported by stronger expansion in public sector construction activities.
On a quarterly basis, the sector contracted at an annualized rate of 0.2 percent, in contrast to the 8.3 percent gain in the preceding quarter.
Growth in the services producing industries came in at 3.0 percent on year in Q2, easing from 4.2 percent in the previous quarter. The moderation in growth was largely due to slower expansion in the wholesale and retail trade and business services sectors, as well as a contraction in the transportation and storage sector.
On a quarterly basis, the services producing industries contracted at an annualized rate of 2.6 percent, reversing the 3.8 percent growth in Q1.
The material has been provided by InstaForex Company – www.instaforex.com