Singapore’s GDP Grew by 3.8 Per Cent in the Second Quarter of 2018

13 July 2018. Based on advance estimates, the Singapore economy grew by 3.8 per cent on a year-on-year basis in the second quarter of 2018, moderating from the 4.3 per cent growth in the previous quarter. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy expanded at a slower pace of 1.0 per cent compared to the 1.5 per cent growth in the preceding quarter.

The manufacturing sector grew by 8.6 per cent on a year-on-year basis in thesecond quarter, slower than the 9.7 per cent growth in the previous quarter. All clusters within the sector expanded during the quarter, with the electronics and biomedical manufacturing clusters contributing the most to the sector’s growth. On a quarter-on-quarter seasonally-adjusted annualised basis, the sector shrank marginally by 0.1 per cent, a reversal from the 21.3 per cent growth in the preceding quarter.

The construction sector contracted by 4.4 per cent on a year-on-year basis in the second quarter, extending the 5.2 per cent decline in the previous quarter. The sector was weighed down primarily by the continued weakness in private sector construction activities. On a quarter-on-quarter seasonally-adjusted annualised basis, the sector shrank by 14.6 per cent, reversing the 0.9 per cent growth in the preceding quarter.

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MINISTRY OF TRADE AND INDUSTRY 

13 JULY 2018