Singapore's economy was weighed by weak manufacturing output in the second quarter and contracted more than expected.
The economy shrank 4.6% on a quarter-on-quarter annualized basis in the second quarter, compared with a revised 4.2% expansion in the first three months of the year, according to advance estimates from Singapore's Ministry of Trade and Industry released Tuesday. The contraction was sharper than the 1.7% decline predicted by a Dow Jones Newswires poll of analysts.
Measured on year, the economy grew 1.7% in the second quarter, compared with the 2.8% growth reported in the first quarter. The poll had predicted 2.3% growth in the second quarter.
The services sector grew 3.0% on-year in the second quarter, compared with a 4.2% rise in the first, while the construction sector expanded 2.7% in the April-to June period, compared with 2.1% growth in the first three months of the year.
Manufacturing, however, fell 4.0%, extending a period of decline after its 2.7% drop in the previous quarter.
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The economy shrank 4.6% on a quarter-on-quarter annualized basis in the second quarter, compared with a revised 4.2% expansion in the first three months of the year, according to advance estimates from Singapore's Ministry of Trade and Industry released Tuesday. The contraction was sharper than the 1.7% decline predicted by a Dow Jones Newswires poll of analysts.
Measured on year, the economy grew 1.7% in the second quarter, compared with the 2.8% growth reported in the first quarter. The poll had predicted 2.3% growth in the second quarter.
The services sector grew 3.0% on-year in the second quarter, compared with a 4.2% rise in the first, while the construction sector expanded 2.7% in the April-to June period, compared with 2.1% growth in the first three months of the year.
Manufacturing, however, fell 4.0%, extending a period of decline after its 2.7% drop in the previous quarter.
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