The Singapore economy grew by 0.1 per cent on a year-on-year basis in the second quarter of 2019, slower than the 1.1 per cent growth in the previous quarter, Singapore’s Ministry of Trade and Industry has announced.
On a quarter-on-quarter seasonally-adjusted annualised basis, the economy shrank by 3.4 per cent, after posting growth of 3.8 per cent in the preceding quarter.
The manufacturing sector contracted by 3.8 per cent on a year-on-year basis in
the second quarter, extending the 0.4 per cent decline in the previous quarter. The contraction was due to output declines in the electronics and precision engineering clusters, which more than offset output expansions in the rest of the manufacturing clusters.
On a quarter-on-quarter seasonally-adjusted annualised basis, the sector shrank by 6.0 per cent, moderating from the 6.4 per cent contraction in the preceding quarter.
The construction sector grew by 2.2 per cent on a year-on-year basis in the second quarter, extending the 2.7 per cent expansion in the previous quarter. Growth of the sector was supported by an increase in public sector construction activities. On a quarter-on-quarter seasonally-adjusted annualised basis, the sector contracted by 7.6 per cent, reversing the 13.3 per cent growth in the preceding quarter.
The services producing industries expanded by 1.2 per cent on a year-on-year basis in the second quarter, unchanged from the previous quarter. Growth was supported primarily by the finance & insurance, “other services industries”2 and information & communications sectors. On a quarter-on-quarter seasonallyadjusted annualised basis, the services producing industries shrank by 1.5 per cent, following the 4.4 per cent growth recorded in the preceding quarter.
MTI says it will release the preliminary GDP estimates for the second quarter, including performance by sectors, sources of growth, inflation, employment and productivity, in its Economic Survey of Singapore in August 2019.
