Wednesday, July 8, 2015   

Singapore economy grows slower in second quarter
(08-12 10:58)

The Singapore economy grew by 2. 4 percent on a year-on-year basis in the second quarter, moderating from the 4.8 percent growth in the previous quarter, the Ministry of Trade and Industry said Tuesday.
On a quarter-on-quarter seasonally-adjusted annualized basis, the economy expanded by 0.1 percent, slower than the 1.8 percent growth in the preceding quarter.
The manufacturing sector grew by 1.5 percent year-on-year in the second quarter, a sharp slowdown from the 9.9 percent expansion in the preceding quarter. The deceleration in growth was largely due to a contraction in electronics output and slower growth in transport engineering output.
The construction sector grew 4.4 percent compared to the 6.4 percent growth in the preceding quarter. The slowdown was driven mainly by a fall in private construction output, reflecting weaker private residential building works and a decline in private commercial and industrial building works.
The wholesale & retail trade sector grew by 1.7 percent while transportation & storage sector slowed to 2.0 percent on a year-on- year basis. Finance and insurance sector expanded by 5.5 percent, largely similar to the 5.7 percent growth recorded in the previous quarter. --Xinhua   
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