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Xinhua News Agency


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Singapore's GDP rises 2.5 pct in Q2


 


 July 14th, 2017  |  09:23 AM  |   922 views

SINGAPORE

 

 Singapore's Ministry of Trade and Industry announced on Friday morning its GDP grew 2.5 percent year-on-year in the second quarter of 2017, the same pace of growth as in the previous quarter.

     On a quarter-on-quarter seasonally adjusted annualized basis, the economy expanded 0.4 percent in the period, compared to a 1.9-percent decrease in the preceding quarter.  

     According to the ministry, Singapore's manufacturing sector saw a year-on-year rise of eight percent in the period, compared to an 8.5 percent rises in the first quarter of 2017. The growth was supported mainly by the electronics and precision engineering clusters, which saw robust expansions on the back of strong external demand for semiconductors and semiconductor manufacturing equipment respectively.

     On a quarter-on-quarter seasonally-adjusted annualized basis, the sector grew by 2.4 percent in April-June, compared to a 0.4-percent growth in the previous quarter.

     Singapore's construction sector contracted by 5.6 percent year-on-year in the second quarter, following a 6.1 percent decline in the first quarter. The ministry attributes the decline to a weakness in both private sector and public sector construction activities.

     On a quarter-on-quarter seasonally-adjusted annualized basis, the sector rebounded to grow by 4.3 percent in the second quarter, compared to a 14.4-percent contraction in the first quarter.

     The services producing industries grew 1.7 percent year on year in the second quarter, faster than the 1.4- percent growth in the previous quarter. Growth was supported mainly by the transportation and storage sector and the business services sector. On a quarter-on-quarter seasonally-adjusted annualized basis, the services producing industries expanded by 0.4 percent, a reversal from a 2.7-percent contraction in the first quarter.   Enditem

 


 

Source:
courtesy of XINHUA NEWS AGENCY

by Xinhua News Agency

 

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