ZCZC
BCN-41
SINGAPORE-GDP-GROWTH
Singapore achieves 3.8 pct GDP growth in Q2
SINGAPORE, July 13, 2018 (BSS/Xinhua) – Singapore’s gross domestic product
(GDP) for the second quarter of 2018, based on advance estimates, grew 3.8
percent year on year, which was lower than the GDP growth of 4.3 percent for
the first quarter of 2018, Ministry of Trade and Industry announced on Friday
morning.
On a quarter-on-quarter seasonally-adjusted annualized basis, Singapore’s
economy expanded by 1 percent in the second quarter, lower than the
recalculated 1.5 percent growth in the previous quarter.
In a breakdown, Singapore’s manufacturing sector grew 8.6 percent year on
year in the second quarter, compared to the 9.7 percent growth in the first
quarter. The construction sector contracted by 4.4 percent year on year,
compared to the 5.2 percent decline in the previous quarter, primarily due to
the continued weakness in private sector construction activities.
Meanwhile, the services producing industries expanded by 3.4 percent year
on year, lower than the 4 percent growth in the previous quarter, mainly
supported by the finance and insurance sector and the wholesale and retail
trade sector.
The advanced GDP estimate figure released on Friday were computed largely
from data in the first two months of the quarter, according to the ministry.
These figures are intended as an early indication of the GDP growth in the
quarter, and are subject to revision when more comprehensive data become
available.
The ministry said it will release the preliminary GDP estimates for the
second quarter this August.
BSS/XINHUA/HR/1245