14 Jul '11, 12am

Singapore's GDP grows 0.5% in Q2

SINGAPORE: Singapore's GDP grew by 0.5 per cent on a year-on-year basis in the second quarter of 2011, down from the 9.3 per cent growth in the previous quarter. On a seasonally-adjusted quarter-on-quarter annualised basis, the economy contracted by 7.8 per cent, compared to the 27.2 per cent expansion in the previous quarter. The advance estimates released by the Ministry of Trade and Industry (MTI) on Thursday said the moderation in growth reflected a slowdown across many sectors. The manufacturing sector had the biggest contraction of 5.5 per cent on-year in the second quarter of 2011. The construction sector grew by 1.6 per cent on a year-on-year basis in the second quarter of 2011. Growth in the services producing industries moderated. Services producing industries grew by 3.3 per cent on a year-on-year basis. On a sequential basis, the services producing industries d...

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

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