Singapore : Singapore’s economy contracts 1.1% in Q2

Top news in <Strait Times> : Singapore’s economy contracts 1.1% in Q2

By Aaron Low

The economy continued to expand in the second quarter, even though the pace of growth fell sharply. Flash estimates for the second quarter showed that the economy grew by 1.9 per cent compared with the same period last year. — ST PHOTO: ALPHONSUS CHERN

The economy continued to expand in the second quarter, even though the pace of growth fell sharply. But while there was growth on a year-on-year basis, the pace of growth slowed considerably. Compared with the first three months of the year, the economy actually contracted 1.1 per cent.

Flash estimates for the second quarter showed that the economy grew by 1.9 per cent compared with the same period last year.

Construction, supported by public infrastructure spending, supported growth, expanding 5.1 per cent. Services grew 1 per cent and manufacturing grew 3 per cent.

‘The moderation in growth momentum was mainly due to contraction in the wholesale and retail trade as well as the finance and insurance sectors,’ said the Ministry of Trade and Industry on Friday morning, referring to the slowdown in the services sector.

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