14 Jul '11, 1am

Weaker Singapore economy posts just 0.5% Q2 growth (via ST iPhone App)

Singapore's economy grew weaker than expected, after it posted just 0.5 per cent growth in the second quarter of 2011. -- ST PHOTO: ALPHONSUS CHERN SINGAPORE'S economy grew weaker than expected, after it posted just 0.5 per cent growth in the second quarter of 2011, according to flash estimates by the Trade and Industry Ministry. Manufacturing was the main drag on the growth rates, declining 5.5 per cent in the March to June period compared to 2010. MTI said this was due to pharmaceutical companies switching to different lines of drug production and a slowdown in global demand for electronic products. Services also grew weaker than expected, expanding just 3.3 per cent. 'This was largely due to declines in the wholesale and retail trade and financial services sectors. The former was negatively affected by weaker trade flows during the quarter, while the latter was dragged ...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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