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Singapore GDP Rises 2% For Q2 2012

The Ministry of Trade and Industry of Singapore reported a two-percent rise in the Gross Domestic Product (GDP) of the country for the second quarter of this year compared to the same period last year. In 2011, the economy grew by 1.5 percent.

In a report from the Economic Survey of Singapore, the rise in GDP was mainly fueled by growth in three sectors: manufacturing, construction, and business services.

The construction sector registered the highest gains at 5.3 percent year on year, while the manufacturing sector’s rise was pegged at 4.5 percent. It was the manufacturing sector that also contributed the most growth, at 1.2 percentage points of the two-percent total.

The Accommodation & Food and Business Services sectors registered almost equal growth, at 3.1 percent and 3.0 percent, respectively.

Modest percentage increases were registered by the Transportation and Storage sector at 1.6 percent, and Information and Communications sector at 1.3 percent. The Finance and Insurance and Other Services sectors were unmoved at 0.1 percent while the wholesale and retail industry contracted by 0.4 percent.

Total demand also rose by 2.7 percent in the second quarter, slowing from a 3.7 percent gain from the previous quarter. Of these, external demand rose 2.3 percent (from 2.2 percent in the first quarter), while domestic demand increased by 4.0 percent from 8.5 percent in the first quarter.

The MTI also announced an increase in employment by 29, 200 from the 24,800 growth registered on the same period last year, as well as the 27,200 rise from this year’s first quarter. The construction sector had the biggest growth in employment at 9,500, followed by the manufacturing sector, whose labour market increased by 4,500.

Likewise, overall unemployment rates in Singapore have also decreased to 2.0 percent in June 2012 from 2.1 percent in March of the same year. Of these, the unemployment rate for residents decreased from 3.0 percent to 2.8 percent, while citizens’ unemployment rate went down from 3.2 percent to 2.9 percent.