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Singapore quarterly GDP up 0.4pc after 1.9pc first quarter decline
SINGAPORE's gross domestic product increased 0.04 per cent in the second quarter after contraction of 1.9 per cent in the first quarter.
The increase was ascribed to rising manufacturing and construction, even as growth missed economists' forecasts, according to preliminary estimates from the Ministry of Trade and Industry.
Singapore benefited from an increase in global trade since late last year as Chinese demand for electronics and other manufactured goods strengthened.
The Singapore dollar fell as much as 0.2 per cent to S$1.3766 against the US currency with the data release, after having gained more than five per cent this year.
The government is projecting an improvement from last year's two per cent expansion.
The median estimate of 15 economists in a Bloomberg survey was for growth of 1.1 per cent. Compared to the same period last year, GDP rose 2.5 per cent in the second quarter, lower than the 2.7 per cent median estimate in a Bloomberg survey.
The increase was ascribed to rising manufacturing and construction, even as growth missed economists' forecasts, according to preliminary estimates from the Ministry of Trade and Industry.
Singapore benefited from an increase in global trade since late last year as Chinese demand for electronics and other manufactured goods strengthened.
The Singapore dollar fell as much as 0.2 per cent to S$1.3766 against the US currency with the data release, after having gained more than five per cent this year.
The government is projecting an improvement from last year's two per cent expansion.
The median estimate of 15 economists in a Bloomberg survey was for growth of 1.1 per cent. Compared to the same period last year, GDP rose 2.5 per cent in the second quarter, lower than the 2.7 per cent median estimate in a Bloomberg survey.
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