Singapore’s Ministry of Trade and Industry (MTI) announced on Tuesday that the Singapore economy grew by 1.8 per cent on a year-on-year basis in the second quarter, slower than the 2.8 per cent growth in the previous quarter.
On a quarter-on-quarter seasonally-adjusted annualised basis, the economy contracted by 4.0 per cent, a reversal from the 4.1 per cent growth in the preceding quarter.
The manufacturing sector contracted by 4.9 per cent year-on-year, extending the 2.4 per cent decline in the previous quarter. The sector was primarily weighed down by declines in the output of the biomedical manufacturing and transport engineering clusters.
The construction sector expanded at a faster pace of 2.5 per cent year-on-year, supported by a pick-up in public sector construction works, compared to the 1.1 per cent in the previous quarter.
The wholesale & retail trade sector grew by 5.0 per cent year-on-year, slightly slower than the 5.3 per cent expansion in the previous quarter. Growth was driven by both the wholesale trade and retail trade segments, with the latter being supported in turn by robust motor vehicle sales.
The accommodation & food services sector contracted at a faster pace of 0.6 per cent year-on-year compared to the 0.1 per cent decline in the previous quarter. The slowdown in the sector was largely due to sluggish performance in the food & beverage segment.
The finance & insurance sector posted growth of 7.1 per cent year-on-year, extending the 7.8 per cent growth in the previous quarter. Growth was largely underpinned by the fund management segment.
The information & communications sector grew by 4.5 per cent year-on-year, moderating from the 4.9 per cent growth in the previous quarter. Growth was mainly driven by the IT & information services segment.