FOREX TradingCharts.com

Financial News: Singapore Economy Contracts In Q2

Singapore Economy Contracts In Q2

07/11/2019 - 23:59:00 (RTTNews)

(RTTNews) - Singapore economy contracted in the second quarter as trade wars weighed on the electronics and precision engineering, advance estimate from the Ministry of Trade and Industry showed Friday.

Gross domestic product shrink 3.4 percent on quarter-on-quarter annualized basis in the second quarter, reversing the 3.8 percent expansion in the previous period.

On a yearly basis, the economy grew marginally by 0.1 percent, following the first quarter's revised 1.1 percent increase. Economists had forecast an annual growth of 1.1 percent.

The production-side breakdown of GDP showed that the manufacturing sector contracted 3.8 percent annually as the declines in the electronics and precision engineering cluster more than offset expansions in the rest of the manufacturing clusters. The US-China trade war and slowdown in global trade weighed on the electronic sector.

Meanwhile, the construction sector advanced 2.2 percent on year driven by an increase in public sector construction activity. At the same time, growth in the services producing industries held steady at 1.2 percent.

The longer the manufacturing sector remains depressed, the more likely this weakness will spill over into services and other sectors, Robert Carnell, an ING economist said.

The economist said data makes recent suggestions of an intra-meeting policy easing highly probable.

Monetary Authority of Singapore's Managing Director Ravi Menon last month said growth outlook for this year is likely to be revised down as downside risks to growth clearly increased.

He said the full-year growth forecast of 1.5-2.5 percent is premised on the economy stabilizing in the third quarter, with a moderate pickup thereafter.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2019 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


IMF Trims Singapore's 2019 Growth Outlook (27 min(s), 02 sec(s) ago)
(RTTNews) - The International Monetary Authority lowered Singapore's growth outlook for 2019 c ...Full Story»

RBA Minutes: Board To Continue Monitoring Labor Market Closely (44 min(s), 58 sec(s) ago)
(RTTNews) - The Reserve Bank of Australia said policymakers will continue monitoring the labor mar ...Full Story»

European Economics Preview: UK Labor Market Data Due (23 min(s), 58 sec(s) ago)
(RTTNews) - Labor market statistics from the UK and economic sentiment from Germany are due on Tue ...Full Story»

New Zealand Consumer Prices Climb 0.6% In Q2 (48 min(s), 58 sec(s) ago)
(RTTNews) - Consumer prices in New Zealand advanced 0.6 percent on quarter in the second quarter o ...Full Story»

New Zealand Consumer Prices Rise 0.6% In Q2 (18 min(s), 58 sec(s) ago)
(RTTNews) - Consumer prices in New Zealand were up 0.6 percent on quarter in the second quarter of ...Full Story»

RBA Minutes On Tap For Tuesday (03 min(s), 58 sec(s) ago)
(RTTNews) - The Reserve Bank of Australia will on Tuesday release the minutes from its monetary po ...Full Story»

WWII Code Breaker Mathematician Alan Turing To Feature On New GBP50 Note (58 min(s), 58 sec(s) ago)
(RTTNews) - The Bank of England announced on Monday that the mathematician and World War II code b ...Full Story»

New York Manufacturing Activity Rebounds Modestly In July (25 min(s), 58 sec(s) ago)
(RTTNews) - After reporting an unexpected contraction in regional manufacturing activity in the pr ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

IMF Trims Singapore's 2019 Growth Outlook

07/16/2019 - 00:29 AM (RTTNews)
(RTTNews) - The International Monetary Authority lowered Singapore's growth outlook for 2019 c ...Full Story>>

RBA Minutes: Board To Continue Monitoring Labor Market Closely

07/15/2019 - 23:41 PM (RTTNews)
(RTTNews) - The Reserve Bank of Australia said policymakers will continue monitoring the labor mar ...Full Story>>

European Economics Preview: UK Labor Market Data Due

07/15/2019 - 23:20 PM (RTTNews)
(RTTNews) - Labor market statistics from the UK and economic sentiment from Germany are due on Tue ...Full Story>>

New Zealand Consumer Prices Climb 0.6% In Q2

07/15/2019 - 19:45 PM (RTTNews)
(RTTNews) - Consumer prices in New Zealand advanced 0.6 percent on quarter in the second quarter o ...Full Story>>

New Zealand Consumer Prices Rise 0.6% In Q2

07/15/2019 - 19:15 PM (RTTNews)
(RTTNews) - Consumer prices in New Zealand were up 0.6 percent on quarter in the second quarter of ...Full Story>>
Copyright © 2019. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.