Singapore GDP


Singapore: Economy contracts in Q2 on weak manufacturing

July 14, 2014

According to an advance estimate released by the Ministry of Trade and Industry (MTI) on 14 July, in Q2 2014 the economy contracted at a seasonally adjusted annualized rate (SAAR) of 0.8% over the previous quarter. The contraction contrasted both the 1.6% expansion tallied in Q1 and the 2.4% rise the market had expected. GDP expanded 2.1% over the same period of last year in Q2 (Q1: +4.9% year-on-year).

Q2’s disappointing figure came on the back of a contraction in manufacturing, which plummeted 19.4% (Q1: +11.9% quarter-on-quarter SAAR). The deceleration in manufacturing was due to a contraction in electronics output and slower growth in transport engineering output. On the other hand, the construction sector grew 2.6% in the second quarter, which was an improvement over the 0.5% contraction tallied in the previous quarter. In addition, services grew 5.2% (Q1: -1.4% qoq SAAR).

The Monetary Authority of Singapore expects GDP to grow between 2.5% and 3.5% in 2014. FocusEconomics Consensus Forecast panelists project that the economy will increase 3.8% in 2014, which is unchanged from last month’s forecast. For 2015, the panel expects growth to accelerate to 3.9%.

Author:, Senior Economist

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Singapore GDP Chart

Singapore GDP Q2 2014

Note: Quarter-on-quarter changes of seasonally adjusted annualized GDP and year-on-year variation in %.
Source: Ministry of Trade and Industry (MTI) and FocusEconomics Consensus Forecast.

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