OG: Singapore economy grows just 0.1% in Q2, lowest in decade and worse than expected
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SINGAPORE - Singapore's economy performed worse than expected in the second quarter, slowing again after hitting its lowest rate since the global financial crisis in the first three months of this year.
Flash estimates by the Ministry of Trade and Industry pegged Singapore's economic growth at 0.1 per cent in the second quarter this year, much below analysts' expectations of 1.1 per cent according to a Bloomberg forecast.
This was much lower than the revised 1.1 per cent growth in the previous quarter, said the ministry. It also marks the sixth straight quarter of easing.
On a quarter-on-quarter seasonally-adjusted annualised basis, the economy shrank by 3.4 per cent, after posting growth of 3.8 per cent in the preceding three months.
Policymakers here are already reviewing their 1.5 per cent to 2.5 per cent growth forecast for the year, as simmering trade tensions between the United States and China hit investments, trade and manufacturing, said Monetary Authority of Singapore chief Ravi Menon last month.
Maybank Kim Eng Research warned earlier as well that the country's economy will likely experience a "shallow technical recession" in the third quarter with a worsening of the global trade outlook. A similar view was shared by OCBC Bank.
A technical recession is defined by two consecutive quarters of slowdown.
Lacklustre performance by the manufacturing sector dragged growth, even as construction continued its recovery and services grew as well.
MTI's latest figures showed that manufacturing contracted by 3.8 per cent year-on-year in the second quarter, extending its 0.4 per cent decline previously.
"The contraction was due to output declines in the electronics and precision engineering clusters, which more than offset output expansions in the rest of the manufacturing clusters," it said.
Construction grew by 2.2 per cent, extending its 2.7 per cent growth previously, supported by an increase in public sector construction activities.
The services producing industries expanded by 1.2 per cent year-on-year, unchanged from the previous quarter, helped by the finance & insurance, "other services industries" and information & communications sectors.

Trade war goes on, global trade upside down.
i thought it would be negative.
Lousy pap. Still wanna claim ownself very good.
[+] 2 users Like sogo's post
mr lee
u better step dpwn Angry
some more dare to tell pple u dunno wat to do
[+] 3 users Like singaporean1964's post
12-7-2019 8:50 AM
singaporean1964 said:
mr lee
u better step dpwn Angry
some more dare to tell pple u dunno wat to do

0.1% growth still dare to talk big? even if i put my 2 years old nephew in charge could end up in better results.
[+] 1 user Likes sogo's post
Lousy pap only achieve such disappointing result. Vote them out.
It’s just one big farking world for one human kind.
[+] 1 user Likes Oneworld's post
Trade war is just an excuse. Many hint already comes from the G20 submit. Singapore no close door sales. it may get worst if the leader is not going to do anything. Preparing the people to upgrade tactic is not much of use already. Our highest paid leaders basically has no idea on how to go about closing deals, only waiting for people to approach them for deals. notworthy
Fugg those white thieves ... +0.1%, -0.1% +10% or -10% ..... they still get millions in salary .... no KPI, no accountabliity. .....
PRC ktv* hostess once told me "台湾人无情, 香港人无义,新加坡人无稚" dance dance
all here who still have a job, keep your finger cross nothin happen to u or your close ones.
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