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by July 13, 2018 General

SINGAPORE, Singapore’s gross domestic product (GDP) for the second quarter of 2018, based on advance estimates, grew 3.8 percent year on year, which was lower than the GDP growth of 4.3 percent for the first quarter of 2018, Ministry of Trade and Industry announced on Friday morning.

On a quarter-on-quarter seasonally-adjusted annualized basis, Singapore’s economy expanded by 1 percent in the second quarter, lower than the recalculated 1.5 percent growth in the previous quarter.

In a breakdown, Singapore’s manufacturing sector grew 8.6 percent year on year in the second quarter, compared to the 9.7 percent growth in the first quarter.

The construction sector contracted by 4.4 percent year on year, compared to the 5.2 percent decline in the previous quarter, primarily due to the continued weakness in private sector construction activities.

Meanwhile, the services producing industries expanded by 3.4 percent year on year, lower than the 4 percent growth in the previous quarter, mainly supported by the finance and insurance sector and the wholesale and retail trade sector.

The advanced GDP estimate figure released on Friday were computed largely from data in the first two months of the quarter, according to the ministry. These figures are intended as an early indication of the GDP growth in the quarter, and are subject to revision when more comprehensive data become available.

The ministry said it will release the preliminary GDP estimates for the second quarter this August.

Source: NAM News Network