Committed to PEOPLE'S RIGHT TO KNOW
Vol. 5 Num 754 Tue. July 11, 2006  
   
Business


S’pore growth slows in Q2


Singapore's economic growth slowed in the second quarter to 7.5 percent year-on-year on a weaker manufacturing sector, but analysts said Monday its 5.0-7.0 percent target for the year was still achievable.

Preliminary estimates from the Ministry of Trade and Industry showed gross domestic product (GDP) growth in Southeast Asia's wealthiest economy was down from a revised 10.7 percent recorded in the first quarter.

"The Singapore economy registered a moderation of growth in the second quarter of 2006," a ministry statement said.

The 7.5 percent growth for the three months to June was within economists' forecasts of 6.2-7.6 percent.

On a quarter-on-quarter, seasonally adjusted annualized basis, GDP grew 1.1 percent after a 7.0 percent expansion in the previous quarter, the ministry said.

"The manufacturing sector is estimated to have grown at a slower pace of 10.2 percent in the second quarter, mainly due to lower output from the biomedical manufacturing cluster," it said.

That figure was down by about half from the 20.2 percent recorded in the first quarter but above the 9.3 percent recorded for full-year 2005.

The sector accounts for a third of Singapore's GDP worth 194 billion Singapore dollars (123 billion US) last year.