10 Aug '11, 12am

Singapore's GDP grows 0.9% on-year, contracts 6.5% on-quarter in Q2

SINGAPORE: Singapore's economy grew by 0.9 percent on a year-on-year basis in the second quarter of 2011. On a quarter-on-quarter basis, the economy contracted by 6.5 percent, a reversal from a growth of 27.2 percent in the preceding quarter. In a statement on Wednesday, the Ministry of Trade and Industry (MTI) said that the Singapore economy is expected to grow by 5.0 to 6.0 percent in 2011. Commenting on the sectoral decline on a year-on-year basis, MTI said the manufacturing sector contracted by 5.9 percent in the second quarter, due to a decline in biomedical manufacturing output. Electronics output also saw a decline, as global demand for semiconductor chips eased. The construction sector, however, grew by 1.5 percent on a year-on-year basis. MTI said the growth was sustained by increases in public sector construction activities. The wholesale and retail trade sector ...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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Singapore's economy expands 0.9 per cent in Q2

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