Singapore Q2 GDP Flat On Quarter, +4.8% On Year

(RTTNews) - Singapore's gross domestic product was unchanged on a seasonally adjusted quarterly basis in the second quarter of 2022, the Ministry of Trade and Industry said on Thursday.

That was shy of expectations for an increase of 0.2 percent and down from the upwardly revised 0.9 percent in the first quarter (originally 0.7 percent).

On an annualized basis, GDP was up 4.8 percent - again missing forecasts for a gain of 5.2 percent but still up from 3.7 percent in the three months prior.

The manufacturing sector expanded 8.0 percent on year in the second quarter of 2022, similar to the 7.9 percent growth in the previous quarter. On a quarterly basis, the manufacturing sector expanded by 0.3 percent in the second quarter, easing from the 0.5 percent growth in the preceding quarter.

The construction sector grew by 3.8 percent on year in the second quarter, faster than the 1.8 percent growth in the previous quarter. On a quarterly basis, the sector expanded by 1.9 percent in the second quarter, moderating from the 2.9 percent growth in the first quarter.

Among the services sectors, the wholesale & retail trade and transportation & storage sectors collectively grew by 2.8 percent on year in the second quarter, extending the 3.4 per cent growth in the previous quarter. On a quarterly basis, the sectors as a whole contracted by 0.9 percent in the second quarter, a pullback from the 1.4 percent growth recorded in the preceding quarter.

The group of sectors comprising the information & communications, finance & insurance and professional services sectors expanded by 4.1 percent on year basis in the second quarter, moderating from the 5.7 percent growth in the preceding quarter. On a quarterly basis, the sectors in the group grew by 0.9 percent in the second quarter, a reversal from the 1.7 percent contraction in the preceding quarter.

The remaining group of services sectors (i.e., accommodation & food services, real estate, administrative & support services and other services sectors) expanded by 8.2 percent on year in the second quarter, accelerating from the 3.5 percent growth in the previous quarter. On a quarterly basis, these sectors grew by 1.7 percent in the second quarter, moderating from the 3.4 percent expansion in the previous quarter.