ASEAN KEY DESTINATIONS
Singapore economy stalls
Manufacturing was the main drag on the growth rates, declining 5.5 percent in the March to June period compared to 2010.
MTI said this was due to pharmaceutical companies switching to different lines of drug production and a slowdown in global demand for electronic products. Services also grew weaker than expected, expanding just 3.3 percent.
'This was largely due to declines in the wholesale and retail trade and financial services sectors. The former was negatively affected by weaker trade flows during the quarter, while the latter was dragged down by a fall in stock trading activities,' said MTI. Growth in the construction sector also moderated, growing by just 1.6 percent.
The good news, however, was that the revised figures for the first quarter of 2011 showed that the economy expanded 9.3 percent. MTI had previously reported that the first three months of 2011 grew by 8.3 percent.
MTI is forecasting a 5 percent to 7 percent growth for Singapore for the full year of 2011.
Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below