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Financial News: Singapore GDP Expands 2.5% On Year In Q2

Singapore GDP Expands 2.5% On Year In Q2

07/13/2017 - 20:45:00 (RTTNews)

(RTTNews) - Singapore's gross domestic product advanced 2.5 percent on year in the second quarter of 2017, the Ministry of Trade and Industry said in Friday's advance estimate.

That follows the 2.5 percent increase in the previous three months.

On a quarterly annualized, seasonally adjusted basis, GDP added 0.4 percent after sinking 1.9 percent in the three months prior.

The manufacturing sector expanded 8.0 percent on year in the first quarter, moderating from the 8.5 percent growth in the previous quarter.

Growth was supported mainly by the electronics and precision engineering clusters, the ministry said, which saw robust expansion on the back of strong external demand for semiconductors.

It added 2.4 percent on quarter, up from 0.4 percent in Q1.

The construction sector contracted 5.6 percent on year after sliding 6.1 percent in the three months prior.

The sector was weighed down by weakness in both private and public sector construction, the bureau noted.

On a quarterly basis, the sector climbed 4.3 percent after contracting 14.4 percent in the previous three months.

The services producing industries added 1.7 percent on year after gaining 1.4 percent in the first quarter.

Growth was supported primarily by transportation, storage and business services.

On a quarterly basis, the sector added 0.4 percent after contracting 2.7 percent in the three months prior.

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