Singapore Economic Growth Eases In Q2

July 10, 2006
Weaker expansion in the manufacturing sector caused Singapore's economic growth to ease in the second quarter to 7.5% from a year earlier the Ministry of Trade and Industry said. Growth in real gross domestic product (GDP) in Southeast Asia's wealthiest ...

Weaker expansion in the manufacturing sector caused Singapore's economic growth to ease in the second quarter to 7.5% from a year earlier the Ministry of Trade and Industry said. Growth in real gross domestic product (GDP) in Southeast Asia's wealthiest economy was down from the 10.7% recorded in the first quarter to March.

The manufacturing sector is estimated to have grown at a slower pace of 10.2% in the second quarter, mainly due to lower output from the biomedical manufacturing cluster," the ministry said. That figure was down by about half from the 20.2% growth recorded in the first quarter, but above the 9.3% recorded for the full year 2005.

Manufacturing accounts for a third of Singapore's gross domestic product, worth 194 billion Singapore dollars (US$123 billion) last year.

On a quarter-on-quarter seasonally adjusted annualized basis, real GDP grew by 1.1%, easing from the 7% expansion in the previous quarter, the ministry said.

Copyright Agence France-Presse, 2006

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