Singapore GDP Slows To 2.1% In Q2

Singapore's gross domestic product expanded 2.1 percent on year in the second quarter of 2014, the Ministry of Trade and Industry said in Monday's advance estimate. That missed forecasts for an increase of 3.5 percent following the downwardly revised 4.7 percent gain the previous three months (originally 4.9 percent). Seasonally adjusted and on an annualized quarterly basis, GDP contracted 0.8 percent - well shy of expectations for an increase of 3.0 percent and down from the downwardly revised 1.6 percent gain in Q1 (originally 2.3 percent). The manufacturing sector gained 0.2 percent on year in Q2, moderating from the 9.9 percent expansion in the previous quarter. The deceleration in growth was largely due to a contraction in electronics output and slower growth in transport engineering output, the bureau said. On quarter, the sector contracted at an annualized rate of 19.4 percent, in contrast to the 12.2 percent expansion in the preceding quarter. The construction sector climbed 5
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