13.08.201801:16:00UTC+00Singapore GDP Growth Weakens In Q2

The Singapore economy grew at a slower pace in the second quarter on notable contraction in construction, data published by the Ministry of Trade and Industry showed Monday.

Gross domestic product grew 3.9 percent on a year-on-year basis in the second quarter, easing from the 4.5 percent growth in the previous quarter.

On a quarter-on-quarter seasonally-adjusted annualized basis, the economy expanded 0.6 percent compared to the 2.2 percent growth in the preceding quarter.

The production-side breakdown of GDP showed that the manufacturing sector surged 10.2 percent, while construction shrank 4.6 percent.

The wholesale and retail trade grew 1.5 percent and transportation and storage sector climbed 1.3 percent. The annual growth in accommodation and food services came in at 4 percent.

The information & communications sector expanded by 5.2 percent year-on-year and the finance and insurance sector grew 6.7 percent.

Taking into account the global and domestic economic environment, as well as the performance of the Singapore economy in the first half of the year, the ministry maintained GDP growth forecast for 2018 at "2.5 to 3.5 percent".