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Singapore’s 2Q Gross Domestic Product Expanded 1.7% Year-On-Year, Weaker Than Expected
Daily Bulletin | 14 July 2015

According to the Ministry of Trade and Industry, Singapore’s economy expanded by 1.7 percent year-on-year in the second quarter of this year, falling short of economists estimates of 2.7 percent. The growth is based on advance estimates.

The economy was weighed down by weak manufacturing output which contracted at 4 percent on a year-on-year basis in the second quarter, extending a period of decline since its 2.7 percent drop in the previous quarter.

The construction sector expanded by 2.7 percent year-on-year, an improvement from the 2.1 percent growth recorded in the previous quarter, supported by a stronger expansion in public sector construction activities.

The service sector slowed to 3 percent year-on-year from 4.2 percent in the previous quarter as a result of slower expansion in the wholesale, retail trade and business services sectors, as well as the transportation and storage sector.

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