ID :
195013
Thu, 07/14/2011 - 12:00
Auther :
Shortlink :
https://oananews.org//node/195013
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SINGAPORE'S GDP GROWS 0.5 PCT IN 2ND QUARTER
SINGAPORE, July 14 (Bernama) -- Singapore's economy grew by 0.5 per cent on a year-on-year basis in the second quarter of 2011, down from the 9.3 per cent growth in the previous quarter.
On a seasonally-adjusted quarter-on-quarter annualised basis, the economy contracted by 7.8 per cent compared to 27.2 per cent expansion in the previous quarter.
The Singaporean Trade and Industry Ministry said the moderation in growth, based on advance estimates, reflected a slowdown across many sectors.
"On a year-on-year basis, the manufacturing sector declined by 5.5 per cent in the second quarter of 2011, after expanding by 16.4 per cent in the previous quarter.
"On a sequential basis, the sector contracted by an annualised rate of 22.5 per cent, a sharp reversal from the strong growth of 96.6 per cent in the preceding quarter," it said in a statement Thursday.
The ministry said this largely reflected a decline in the biomedical manufacturing cluster, as some companies switched to producing a different value-mix of active pharmaceutical ingredients during the quarter.
Output in the electronics cluster also fell, partly due to an easing in global demand for semiconductor chips.
The ministry will release in August 2011 the preliminary GDP estimates for the second quarter, including performance by sectors, sources of growth, inflation, employment and productivity in its Economic Survey of Singapore.
On a seasonally-adjusted quarter-on-quarter annualised basis, the economy contracted by 7.8 per cent compared to 27.2 per cent expansion in the previous quarter.
The Singaporean Trade and Industry Ministry said the moderation in growth, based on advance estimates, reflected a slowdown across many sectors.
"On a year-on-year basis, the manufacturing sector declined by 5.5 per cent in the second quarter of 2011, after expanding by 16.4 per cent in the previous quarter.
"On a sequential basis, the sector contracted by an annualised rate of 22.5 per cent, a sharp reversal from the strong growth of 96.6 per cent in the preceding quarter," it said in a statement Thursday.
The ministry said this largely reflected a decline in the biomedical manufacturing cluster, as some companies switched to producing a different value-mix of active pharmaceutical ingredients during the quarter.
Output in the electronics cluster also fell, partly due to an easing in global demand for semiconductor chips.
The ministry will release in August 2011 the preliminary GDP estimates for the second quarter, including performance by sectors, sources of growth, inflation, employment and productivity in its Economic Survey of Singapore.
