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MTI: Singapore Economy On Steady Growth

The Ministry of Trade and Industry (MTI), in figures, released this July for the second quarter of 2012 economic data, reported a steady growth in the economy of the Asian city-state at 1.9 percent year-on-year, compared with 1.4 percent year-on-year in the first quarter.

Although the second quarter growth eased by 1.1 percent on a seasonally adjusted annualised basis from a 9.4 percent rise during the previous quarter, major sectors are still at a stable rise on a year-on-year basis.

Although the manufacturing sector declined by 6.0 percent in the second quarter, it still registered a year-on-year growth of three percent. The construction centre also rose 5.1 percent year-on-year, fueled by ongoing civil engineering works. The services sector, on the other hand, netted a 1-percent growth year-on-year.

Although Singapore noted moderation in the growth of wholesale and retail trade, finance and insurance, as well as business services, its tourism-related sectors continue to enjoy expansion.

These advanced GDP growth estimates for the second quarter of this year (April to June 2012) were computed from data available during the first two months of the quarter.  The MTI notes that the numbers are subject to revision once more comprehensive data are made available.

Anent to this, the Ministry of Trade and Industry is due to release its preliminary Gross Domestic Product (GDP) estimates for the second quarter in August. This will include statistics on the performance of the key sectors, the sources of growth, inflation, employment and productivity.

In a separate release, the MTI announced that the said Economic Survey of Singapore will be accessed by the public through the MTI website,  the Singapore Department of Statistics, and the Singapore Press Centre.

These key economic indicators are released annually and quarterly and are made available to the public and the business sector to report on trends in the economy as well as to craft relevant policies to fuel further growth in the country.