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Singapore's economy grows at slower pace of 2.1% in Q2

Published on Jul 14, 2014 8:00 AM
 
The CBD skyline on June 05 2014. Lacklustre activity at Singapore's factories dragged the economy's growth down to 2.1 per cent in the second quarter over a year ago, the Ministry of Trade and Industry said on Monday. -- PHOTO: ST FILE

SINGAPORE - Lacklustre activity at Singapore's factories dragged the economy's growth down to 2.1 per cent in the second quarter over a year ago, the Ministry of Trade and Industry said on Monday.

This was lower than the 4.7 per cent expansion in the first quarter over last year, which was itself revised down from an earlier estimate of 4.9 per cent.

The manufacturing sector, which accounts for a fifth of the economy, grew just 0.2 per cent in the April to June period over last year, down from the 9.9 per cent growth in the first quarter over last year.

This translated into a hefty contraction of 19.4 per cent in the second quarter from the first quarter.

 
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