Singapore second quarter growth stronger than expected

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Raffles statueSingapore’s economy expanded more than economists estimated in second quarter of 2012. The GDP in the period rose an annualised 15.2 per cent from the previous quarter, when it grew 1.8 per cent, the city state’s trade ministry said in a statement on July 12. It was the strongest growth since the first quarter of 2011.

It said the reason for the upswing was a rebound in manufacturing manufacturing and services, which reduced pressure on the central bank to ease monetary policy. Singapore’s jobless rate is now also near a 5-year low.

The manufacturing sector alone grew at an annualised adjusted 37.6 per cent in the second quarter, compared with a decline of 12.7 per cent in the first quarter of 2013.

One a year-on-year basis, the economy grew 3.7 per cent in the second quarter compared with 0.2 per cent growth in the previous quarter.

However, exports remain a problem. Analysts have lowered their estimate for the island’s export expansion this year to 2.5 per cent from 4 per cent, according to a survey by the central bank in June. Singapore remains vulnerable to fluctuations in overseas demand for manufactured goods, and there are also concerns about China’s economic outlook.

Furthermore, analysts say that the new GDP figures were largely data from the first two months of the second quarter and need to be revised to factor in the effects of the smog disaster in June and the subsequent losses for businesses and tourism.

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Reading Time: 1 minute

Singapore’s economy expanded more than economists estimated in second quarter of 2012. The GDP in the period rose an annualised 15.2 per cent from the previous quarter, when it grew 1.8 per cent, the city state’s trade ministry said in a statement on July 12. It was the strongest growth since the first quarter of 2011.

Reading Time: 1 minute

Raffles statueSingapore’s economy expanded more than economists estimated in second quarter of 2012. The GDP in the period rose an annualised 15.2 per cent from the previous quarter, when it grew 1.8 per cent, the city state’s trade ministry said in a statement on July 12. It was the strongest growth since the first quarter of 2011.

It said the reason for the upswing was a rebound in manufacturing manufacturing and services, which reduced pressure on the central bank to ease monetary policy. Singapore’s jobless rate is now also near a 5-year low.

The manufacturing sector alone grew at an annualised adjusted 37.6 per cent in the second quarter, compared with a decline of 12.7 per cent in the first quarter of 2013.

One a year-on-year basis, the economy grew 3.7 per cent in the second quarter compared with 0.2 per cent growth in the previous quarter.

However, exports remain a problem. Analysts have lowered their estimate for the island’s export expansion this year to 2.5 per cent from 4 per cent, according to a survey by the central bank in June. Singapore remains vulnerable to fluctuations in overseas demand for manufactured goods, and there are also concerns about China’s economic outlook.

Furthermore, analysts say that the new GDP figures were largely data from the first two months of the second quarter and need to be revised to factor in the effects of the smog disaster in June and the subsequent losses for businesses and tourism.

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