Singapore’s GDP growth takes a break

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View of Singapore from the spectacular Sky Park

Singapore’s economic growth in the second quarter 2012 has likely slowed down to only 0.3 per cent quarter-to-quarter, according to a poll of 11 economists conducted by Reuters ahead of the presentation of official figures at the end of this week. This is a sharp drop from ten per cent GDP growth in the first quarter of the year, also on a quarterly basis.

The economists said that the main reason for the low performance are a contraction in the manufacturing and weakness in the financial sector. The manufacturing sector accounts for 25 per cent of Singapore’s GDP. Weak electronics production has, however, been partly offset by other sectors such as pharmaceuticals.

The financial sector, contributing about 12 per cent to the GDP, got a blow from volatile equity markets worldwide.

However, compared on an annual basis, the city state’s GDP likely expanded by 2.4 to 2.8 per cent.

Official data for the second quarter will be released by the SIngapore Ministry of Trade and Industry on Friday, Jule 13.

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Reading Time: 1 minute

View of Singapore from the spectacular Sky Park

Singapore’s economic growth in the second quarter 2012 has likely slowed down to only 0.3 per cent quarter-to-quarter, according to a poll of 11 economists conducted by Reuters ahead of the presentation of official figures at the end of this week. This is a sharp drop from ten per cent GDP growth in the first quarter of the year, also on a quarterly basis.

Reading Time: 1 minute

View of Singapore from the spectacular Sky Park

Singapore’s economic growth in the second quarter 2012 has likely slowed down to only 0.3 per cent quarter-to-quarter, according to a poll of 11 economists conducted by Reuters ahead of the presentation of official figures at the end of this week. This is a sharp drop from ten per cent GDP growth in the first quarter of the year, also on a quarterly basis.

The economists said that the main reason for the low performance are a contraction in the manufacturing and weakness in the financial sector. The manufacturing sector accounts for 25 per cent of Singapore’s GDP. Weak electronics production has, however, been partly offset by other sectors such as pharmaceuticals.

The financial sector, contributing about 12 per cent to the GDP, got a blow from volatile equity markets worldwide.

However, compared on an annual basis, the city state’s GDP likely expanded by 2.4 to 2.8 per cent.

Official data for the second quarter will be released by the SIngapore Ministry of Trade and Industry on Friday, Jule 13.

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