Singapore GDP annual growth rate strongest in over a year
It was the fastest expansion since the March quarter 2015 as a rebound in manufacturing sector offset a slowdown in construction while services sector growth was steady.
Year-on-year, the manufacturing sector expanded by 0.8 percent, a reversal from a 0.5 percent decline in the previous quarter. Growth was supported by an increase in the output of the biomedical manufacturing and electronic clusters.
The construction sector grew by 2.7 percent, slowing from a 4.5 percent expansion in the first quarter. The moderation was largely due to a slowdown in private sector construction activities.
Growth in the services producing industries came in at 1.7 percent, the same pace as in the preceding quarter, mainly driven by the wholesale & retail trade and transportation & storage sectors.
On a quarter-on-quarter seasonally-adjusted annualized basis, the economy grew by 0.8 percent, compared to a 0.2 percent expansion in the March quarter but slightly below consensus of a 0.9 percent growth.
All sectors in the economy showed an expansion: manufacturing sector (+0.3 percent from +18.4 percent in the preceding quarter), construction (+0.6 percent from +3.5 percent) and services (+0.5 percent from -4.8 percent). ■