Singapore Economy Contracts Unexpectedly in Q2

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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