According to advance estimates released on 14 July by the Ministry of Trade and Industry (MTI), GDP grew a paltry 0.5% in the second quarter over the same period last year. The reading marked a significant deterioration compared to a revised 9.3% expansion observed in the previous quarter (previously reported: +8.3% year-on-year), but was broadly in line with market expectations, which had growth decelerating to 1.0%. In seasonally adjusted annualised terms, the economy posted an outright contraction of 7.8%, which contrasted the strong 27.2% expansion seen in the first quarter. The deterioration was broad-based, as growth in all main sectors ? construction, manufacturing, and services ? slowed compared to the first quarter. However, the most important driver behind the dismal first quarter performance was a contraction in manufacturing activity, which decreased 5.5% over the same period last year, thus contrasting the 16.4% increase recorded in the first quarter. According to the MTI, the drop ?largely reflected a decline in the biomedical manufacturing cluster, as some companies switched to producing a different value-mix of active pharmaceutical ingredients during the quarter.? Meanwhile, the services sector grew 3.3% (Q1: +7.6% yoy) and construction expanded 1.6% (Q1: +2.4% yoy). The advance estimates for the second quarter include data up until May, and thus may over-estimate the negative effects of the Japanese earthquake. Final numbers will be released on 19 August.
Growth plummets in the second quarter
July 14, 2011
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Singapore Economic News
October 24, 2016
In September, consumer prices stayed flat compared to the previous month, following the 0.5% increase recorded in August.
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.