Singapore manufacturing decline worsens in second quarterBusiness | 13 Aug 2019 4:09 pm
For the second quarter, when Singapore recorded an anemic 0.1 percent grwoth on a year-on-year basis, manufacturing was the main drag, with output declines in the electronics, transport engineering and precision engineering clusters resulting in a year-on-year contraction of 3.1 percent.
This was a much steeper decline than the 0.3 percent contraction seen in the first quarter, state media Channel News Asia reports.
The services producing industries logged growth of 1.1 percent in the second quarter, compared with 1.2 percent in the previous three months, as sectors like finance and insurance, and information and communications provided support.
The construction sector continued its recovery with growth of 2.9 per cent year-on-year, a slight increase from 2.8 per cent in the first quarter. Output remained supported by public sector construction works, the Ministry of Trade and Industry said.
On a quarter-on-quarter seasonally-adjusted the annualized basis, the Singapore economy shrank by 3.3 percent – a sliver away from the expected 3.4 per cent contraction, but a reversal from the previous quarter’s 3.8 percent growth.