SINGAPORE: The Singapore economy grew by 1. 7 percent on a year-on-year basis in the second quarter of 2015, lower than the 2.8 percent growth in the previous quarter, according to advance estimates by the Ministry of Trade and Industry on Tuesday.
The figure is also lower than the 2.7 percent prediction by the Monetary Authority of Singapore in June.
On a quarter-on-quarter seasonally-adjusted annualized basis, the economy contracted by 4.6 percent, a reversal from the 4.2 percent expansion in the preceding quarter.
The manufacturing sector, which is a key pillar of the Singapore economy, contracted by 4.0 percent year-on-year in the second quarter, extending the 2.7 percent decline in the previous quarter. The contraction, which is the third consecutive month of decline, was largely due to a fall in output in the biomedical manufacturing and transport engineering clusters, the ministry explained.
The construction sector expanded by 2.7 percent on a year-on- year basis in the second quarter, an improvement from the 2.1 percent growth recorded in the previous quarter, supported by stronger expansion in public sector construction activities.
Growth in the services producing industries came in at 3.0 percent, easing from the 4.2 percent in the previous quarter. The moderation in growth was largely due to slower expansion in the wholesale and retail trade and business services sectors, as well as a contraction in the transportation and storage sector.
The ministry will release the preliminary GDP estimates for the second quarter in August.
