Growth in GDP slows to 2.1 per cent

Growth in GDP slows to 2.1 per cent
The Marina Bay Financial Centre in the Singapore Central Business District.

The Singapore economy grew 2.1 per cent in the second quarter, compared with the same period last year, the Ministry of Trade and Industry said yesterday.

This was lower than the 4.7 per cent expansion in the first quarter.

The slowdown was mostly blamed on a fall in factory activity.

The manufacturing sector, which accounts for a fifth of the economy, grew just 0.2 per cent in the April to June period, over last year.

This was down from the 9.9 per cent growth the sector posted in the first quarter.

Contraction

This translated to a hefty contraction of 19.4 per cent in the second quarter from the first quarter.

The ministry said this was "largely due to a contraction in electronics output and slower growth in transport engineering output".

Services and construction, the other key sectors of the economy, also expanded less in the second quarter.

Services grew 2.8 per cent in the second quarter, compared with a year ago, after expanding 3.9 per cent in the first three months.

The slowdown was attributed mainly to poorer showings in wholesale and retail trade as well as the transportation and storage sectors.

Construction activity rose 5 per cent in the April to June period compared with the same period last year, down from 6.4 per cent in the first quarter.

Compared with the first quarter, the economy shrank 0.8 per cent in the second quarter. It had grown 1.6 per cent in the first quarter over the fourth quarter of last year.


This article was first published on July 15, 2014.
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