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Singapore economy grows at 1.9 per cent

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July 14, 2012
Singapore’s economy grew at a modest pace of 1.9 per cent, although up from 1.2 per cent a year ago, the Ministry of Trade and Industry said on Friday.
 In the second quarter, manufacturing sector grew by 3 per cent, recovering from a 5.9 per cent contraction in the same quarter last year.
Construction sector also expanded by 5.1 per cent during the second quarter from 1.1 per cent in the same quarter of 2011.
However, the services industries growth slowed down to 1 per cent in the quarter from 4.6 per cent a year ago.
On quarter-on-quarter basis, the growth in second quarter contracted by 1.1 per cent compared to the 9.4 per cent expansion in the preceding quarter.
The Ministry said the weakened growth momentum in the second quarter was mainly due to a sequential contraction in the manufacturing sector which declined 6 per cent from 20.9 per cent in the first quarter.
It added the stock market trading activities and business services declined during the second quarter.

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