14 Jul '11, 12am

S'pore economy contracts by 7.8% in Q2 with slowdown acrss sectors

S'pore economy contracts by 7.8% in Q2 with slowdown acrss sectors

Singapore: A slowdown across many sectors saw the Singapore economy grow by 0.5 per cent on a year-on-year basis, down from the 9.3 per cent growth seen 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. According to a Trade and Industry ministry release on the advance estimates, the largest contraction was in manufacturing which declined by 5.5 per cent in the second quarter of 2011, after a 16.4 per cent expansion in the previous quarter. On a sequential basis, the sector contracted by an annualised rate of 22.5 per cent, a sharp reversal from the growth of 96.6 per cent seen in the preceding quarter. This decline was largely impacted by the biomedical manufacturing cluster as companies switched to producing a different value-mix of...

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

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