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Singapore GDP Revised Up To 1.8% On Year In Q2

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Singapore's gross domestic product expanded 1.8 percent on year in the second quarter of 2015, the Ministry of Trade and Industry said in Tuesday's final revision.

That was up from the July 14 advance reading that suggested an increase of 1.7 percent, and it was down from the 2.8 percent growth in the first quarter.

Seasonally adjusted and on an annualized quarterly basis, GDP tumbled 4.0 percent - an upward revision after the preliminary reading called for a 4.6 percent decline.

GDP had expanded 4.2 percent on quarter in the three months prior.

Upon the release of the data, the MTI narrowed its growth forecast for the Singapore economy to 2.0 to 2.5 percent, from 2.0 to 4.0 percent.

The manufacturing sector contracted 4.9 percent on year, extending the 2.4 percent decline in the previous quarter. The sector was primarily weighed down by declines in the output of the biomedical manufacturing and transport engineering clusters. On quarter, the sector contracted 18.3 percent, reversing the 1.7 percent growth in Q1.

The construction sector expanded 2.5 percent on year compared to 1.1 percent in the previous quarter. Growth was supported by a pick-up in public sector construction works. On quarter, the sector grew at an annualized rate of 2.9 percent, slower than the 4.2 percent growth in the preceding quarter.

The wholesale & retail trade sector grew 5.0 percent on year, slowing from 5.3 percent in Q1. Growth was driven by both the wholesale trade and retail trade segments, with the latter being supported in turn by robust motor vehicle sales. On quarter, the sector shrank 1.7 percent, a reversal from the 20.5 percent growth in the preceding quarter.

The transportation & storage sector contracted 0.9 percent on year, in contrast to the 1.4 percent growth in the previous quarter. The pullback was largely due to the water transport segment, which contracted on the back of a decline in sea cargo handled. On quarter, the sector contracted 10.3 percent, after gaining 6.5 percent in the first quarter.

The accommodation & food services sector contracted 0.6 percent on year compared to the 0.1 percent decline in the previous quarter. The slowdown in the sector was largely due to sluggish performance in the food & beverage segment. On quarter, the sector shrank 1.4 percent, following the 6.5 percent contraction in the preceding quarter.

The information & communications sector grew 4.5 percent on year, moderating from the 4.9 per cent growth in the previous quarter. Growth was mainly driven by the IT & information services segment. On quarter, the sector expanded 4.9 percent, faster than the 1.1 percent growth in the first quarter.

The finance & insurance sector expanded 7.1 percent on year, extending the 7.8 percent growth in the previous quarter. Growth was largely underpinned by the fund management segment. On quarter, the sector grew by 2.5 percent, after contracting 12.8 percent in Q1.

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