Singapore: Second quarter GDP revised up a notch
August 10, 2012
In the second quarter, GDP decreased a seasonally-adjusted annualized rate (saar) of 0.7% over the previous quarter, according to revised figures released on 10 August. The figure was revised up from the advanced estimate of a 1.1% drop and contrasted the revised 9.5% expansion seen in the first quarter (previously reported: +9.4% qoq saar). Compared to the same quarter last year, GDP grew 2.0% (previously reported: +1.9% year-on-year), which came in above the 1.5% increase seen in the first quarter. Revised figures showed that manufacturing output contracted 0.5% in the second quarter, which represents an improvement over the 6.0% contraction reported in the advanced estimate, but contrasts the 2.9% expansion seen in the first quarter. Growth in construction was also revised up to a 0.9% increase, which came in above the 0.3% expansion reported earlier (Q1: +2.9% qoq saar). In contrast, output in the services sector was revised down from the advanced estimate of a 0.4% annualized expansion to a 0.6% contraction (Q1: +2.9% qoq saar).