Singapore’s GDP growth takes a break

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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[caption id="attachment_3737" align="alignleft" width="300"] View of Singapore from the spectacular Sky Park[/caption] 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...

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.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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