Singapore’s GDP growth misses analyst expectations with measly 1.7% expansion in Q2

Manufacturing was the culprit.

Singapore’s GDP registered a 1.7% year-on-year growth in the first quarter, according to advance estimates from the Ministry of Trade and Industry (MTI).

This considerably slower than the 2.8% year-on-year growth in the previous quarter and is also lower than consensus estimates of a 2.4% year-on-year expansion.

The manufacturing sector contracted by 4.0% year-on-year in the second quarter, extending the 2.7% decline in the previous quarter.

The construction sector expanded by 2.7% year-on-year basis in the second quarter, an improvement from the 2.1% growth recorded in the previous quarter

Growth in the services producing industries came in at 3.0% year-on-year basis in the second quarter, easing from the 4.2% in the previous quarter.

On a quarter-on-quarter seasonally-adjusted annualised basis, the economy contracted by 4.6%, a reversal from the 4.2% expansion in the preceding quarter