Singapore’s economy performed worse than expected in the second quarter, slowing again after hitting its lowest rate since the global financial crisis in the first three months of this year.
On a quarter-on-quarter seasonally-adjusted annualised basis, the economy shrank by 3.4 per cent, after posting growth of 3.8 per cent in the preceding three months.
Economists said the latest figures showed weakness across key sectors, with all contracting from the first quarter of the year.
Manufacturing shrank six per cent from the previous quarter, while construction contracted by 7.6 per cent and services by 1.5 per cent. Both construction and services reversed their previous quarter-on-quarter growth.
Lacklustre performance by the manufacturing sector dragged growth in the second quarter, even as construction continued its recovery and services grew compared to a year ago. The ministry’s latest figures showed that manufacturing contracted by 3.8 per cent year on year in the second quarter, extending its 0.4 per cent decline previously.
https://www.straitstimes.com/busine...n-q2-lowest-in-decade-and-worse-than-expected
On a quarter-on-quarter seasonally-adjusted annualised basis, the economy shrank by 3.4 per cent, after posting growth of 3.8 per cent in the preceding three months.
Economists said the latest figures showed weakness across key sectors, with all contracting from the first quarter of the year.
Manufacturing shrank six per cent from the previous quarter, while construction contracted by 7.6 per cent and services by 1.5 per cent. Both construction and services reversed their previous quarter-on-quarter growth.
Lacklustre performance by the manufacturing sector dragged growth in the second quarter, even as construction continued its recovery and services grew compared to a year ago. The ministry’s latest figures showed that manufacturing contracted by 3.8 per cent year on year in the second quarter, extending its 0.4 per cent decline previously.
https://www.straitstimes.com/busine...n-q2-lowest-in-decade-and-worse-than-expected