In the second quarter, GDP contracted a seasonally-adjusted annualized rate (saar) of 1.1% over the previous quarter, according to advance estimates released by the Ministry of Trade and Industry (MTI) on 13 July. The negative reading contrasted both the 9.4% expansion seen in the first quarter and market expectations of a 0.6% increase. Compared to the same month last year, GDP grew 1.9% (Q1: +1.4% year-on-year). The deterioration was broad-based, as all main sectors worsened over the preceding quarter. In particular, manufacturing output swung from a 20.9% annualized expansion to a 6.0% contraction. Growth in construction also plummeted, stepping down from a robust 27.9% increase in Q1 to a paltry 0.3% expansion, while the services sector added 0.4% (Q1: +2.7% quarter-on-quarter saar). The government anticipates GDP to grow between 1.0% and 3.0% this year.
Economy contracts in the second quarter
July 13, 2012
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Singapore Economic News
October 17, 2016
In September, non-oil domestic exports (NODX) dropped 4.8% from the same month last year, deteriorating from August’s flat result.
October 14, 2016
According to advanced estimates released by the Ministry of Trade and Industry on 14 October, GDP declined a sharp 4.1% in Q3 from the previous quarter at a seasonally adjusted annualized rate (SAAR), down from Q2’s revised 0.2% rise (previously reported: +0.3% quarter-on-quarter).
October 14, 2016
At its second scheduled semi-annual meeting of 2016, which took place on 14 October, the Monetary Authority of Singapore (MAS) decided to leave the rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) policy band unchanged at zero percent.
October 3, 2016
The manufacturing PMI produced by the Singapore Institute of Purchasing & Materials Management (SIPMM) picked up from 49.8 in August to a 15-month high of 50.1 in September.
September 23, 2016
In August, consumer prices increased 0.5% compared to the previous month, contrasting the 0.3% decrease recorded in July.