The Ministry of Trade and Industry (MTI) released its second quarter 2014 GDP based on advance estimates today.
Real Gross Domestic Product (GDP) contracted 0.8% on quarter-on-quarter basis (annualised growth rate, seasonally adjusted). On year-on-year basis, GDP grew 2.1%.
The Quarter-on-Quarter (Q-o-Q) GDP growth rates for ten quarters starting 2012 are tabulated below.
* based on advance estimates
The economy contracted in second quarter (-0.8%) and it was only 1.6% growth rate in the first quarter of this year. The year started poorly for Singapore. “The deceleration in growth was largely due to a contraction in electronics output and slower growth in transport engineering output.” (Source: MTI)
With the exceptions of 4Q 2013, 2Q 2013 and 1Q 2012, Singapore economy performed poorly in seven quarters. Since 2012, Singapore had not been up to mark and struggled to show improvement in GDP on a consistent basis.
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