Singapore’s economy grew 0.5 percent year-on-year in the second quarter, lower than the 9.3 percent growth experienced in the previous quarter, according to the advance estimates from the Ministry of Trade and Industry (MTI).
Based on a seasonally-adjusted quarter-on-quarter annualised basis, the economy shrank 7.87 percent, versus the 27.2 percent growth in the previous quarter.
The growth is a reflection of the slowdown experienced in many sectors.
The manufacturing sector fell 5.5 percent on a year-on-year in the second quarter of this year, after growing 16.4 percent in the previous quarter.
Sequentially, the sector shrank by an annualised rate of 22.5 percent, a reversal from a growth of 96.6 percent in the previous quarter.
This predominantly indicated a drop in the biomedical manufacturing cluster, as some companies switched to producing different products during the quarter.
The electronics cluster’s output dropped, partly attributed to the moderation in global demand for semiconductor chips.
The construction sector rose 1.6 percent on a year-on-year basis, slightly lower than the 2.4 percent growth in the preceding quarter.
The sector saw a second consecutive quarter of growth on a sequential basis at 13.8 percent, supported by industrial building segment contributions.
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