Singapore Economy Contracts Unexpectedly in Q2

July 14, 2014 Share Print 0

Singapore’s economy contracted unexpectedly in the second quarter, hurt by a slide in manufacturing activity, official data showed on Monday.

On a quarter-on-quarter basis, the wealthy city state shrank 0.8 percent, compared with the 2.5 percent rise Reuters forecast and following the 2.3 percent gain in the first quarter.
Growth on an annual basis also missed targets – up 2.1 percent versus a Reuters forecast of 3.1 percent increase and after logging a 4.9 percent annual rise in the first quarter.

The last time Singapore logged a quarterly contraction was in the third quarter of 2012, when GDP shrank 3.6 percent.

Breakdowns by sector showed that manufacturing fell 19.4 percent on quarter, down sharply from 12.2 percent growth in the first quarter. The construction sector grew by 2.6 percent in the second quarter, while the services sector expanded by 5.2 percent.

via CNBC

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.