Singapore Economy Contracts Unexpectedly in Second Quarter

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07/12/2019 | 12:20 am

By Saurabh Chaturvedi

SINGAPORE--Singapore's economy unexpectedly contracted in the second quarter, dragged mainly by manufacturing.

Gross domestic product contracted 3.4% on a seasonally adjusted and annualized basis in the April-to-June period versus the previous three months, according to advance estimates released by the Ministry of Trade and Industry on Friday.

That compared with a 3.8% expansion in the previous three months, and a 1.1% median estimate in a poll of nine economists by The Wall Street Journal.

The economy is estimated to have expanded 0.1% in the second quarter from a year earlier, slower than the revised 1.1% growth in the first quarter. Economists had forecast the economy to grow 1.1% on year.

Manufacturing output fell 3.8% in the second quarter from a year earlier, after falling 0.4% in the first quarter of last year.

The construction sector expanded 2.2% from a year ago, slightly slower than the 2.7% growth in the first quarter. Services output was up 1.2% on year, unchanged from the previous quarter, the data showed.

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