13 July 2012 04:42 [Source: ICIS news]
SINGAPORE (ICIS)--Singapore’s economy expanded at an annual rate of 1.9% in the second quarter – slightly faster than the 1.4% clip in the first three months of the year, but registered a 1.1% quarter-on-quarter contraction, according to advance estimates released on Friday by the Ministry of Trade and Industry (MTI).
On a year-on-year basis, the manufacturing sector posted a 3.0% growth, while construction grew 5.1%, the data showed.
Compared with the first quarter, however, manufacturing output shrank 6%, a sharp reversal of the 20.9% expansion in the preceding quarter.
“This largely reflected the decline in biomedical manufacturing output, which more than offset gains in the transport engineering cluster,” the MTI said.
Growth in construction, on the other hand, significantly decelerated to 0.3% in the second quarter, from a 27.9% clip in the first three months of 2012.
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