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Slower GDP growth in Q2 2012
Posted by lily_lee68@yahoo.com.sg
on
1:01 AM
Advance estimates show that Singapore's gross domestic product
(GDP) grew by just 0.3% in April-June on a quarter-on-quarter, seasonally
adjusted and annualised rate (SAAR), slowing sharply from the first quarter's
10% pace.
However, compared to a year ago, the economy is likely to expand by 2.4%, faster than the 1.6% pace recorded in the first three months of 2012.
This could be attributed to the expanding manufacturing sector, which takes up a quarter of Singapore’s GDP. The relatively better performance in the rig-building and pharmaceutical industries helped to negate the weaker performance in the electronics industry.
However, compared to a year ago, the economy is likely to expand by 2.4%, faster than the 1.6% pace recorded in the first three months of 2012.
This could be attributed to the expanding manufacturing sector, which takes up a quarter of Singapore’s GDP. The relatively better performance in the rig-building and pharmaceutical industries helped to negate the weaker performance in the electronics industry.
In addition, the Singapore economy has also benefited from a strong
growth in tourism and construction sectors. The financial sector, which takes up 12% of Singapore's GDP, on the other hand, is weakening due to weakness in the equity markets.
Source: Singapore GDP likely
slowed in Q2, possible contraction 9 July 2012
