Singapore's economic growth slows slightly in second quarter
SINGAPORE (Dow Jones) -- Singapore's economy expanded slightly slower than initially estimated in the second quarter, though the government kept its growth estimate for the full year unchanged.
Gross domestic product grew 0.6% on an annualized, seasonally-adjusted basis over the previous quarter, according to revised estimates released by the Ministry of Trade and Industry on Monday. That compared with an initial estimate of 1.0% expansion in the second quarter according to advance estimates released last month. Growth, however, slowed from a 2.2% on-quarter gain in the first quarter.
The economy in the April-to-June period is estimated to have expanded 3.9% compared with the same period a year ago, slightly higher than a 3.8% gain estimated earlier. The economy had grown 4.5% on year in the first three months of this year.
Manufacturing output grew 10.2% from a year earli er, after a 10.8% gain in the first quarter. Services output grew 2.8% from a year ago, after a 4.0% growth in the first quarter. Construction, however sector contracted 4.6%, after a 5.2% decline in the first quarter, the data showed.
The government kept unchanged its full-year growth estimate at between 2.5% and 3.5%.
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