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Source:
www.mti.gov.sg |
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PERFORMANCE OF THE SINGAPORE ECONOMY IN SECOND
QUARTER 2005 AND OUTLOOK FOR 2005 |
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Overall Performance |
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Growth of the Singapore economy rose to 5.2%
in 2Q05, from 2.7% in 1Q05. The growth momentum (on an annualised
quarter-on-quarter basis) accelerated to 18.0%, compared to a
contraction of 4.6% in 1Q05. |
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Sources of Growth |
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After growing 8.3% in 1Q05, total demand
eased slightly to 7.5% in 2Q05. Growth of external demand slowed
marginally to 10.8% in 2Q05, from 12.3% in the previous quarter. |
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While services exports continued to expand
strongly, growth of merchandise exports moderated. Total domestic demand
contracted by a smaller 2.0%, compared to 2.7% in 1Q05. This largely
reflected a smaller decline in private investment spending as well as a
reduced drawdown of inventories. |
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Sectoral Performance |
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In 2Q05, only the transport & communications
sector recorded slower growth. All the other major sectors registered
better growth (see
Annex). |
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Manufacturing saw an increase of 5.9% in
output during 2Q05, up from 3.4% in the first quarter. A recovery in
biomedical output and stronger showing in precision engineering and
transport engineering contributed to the better performance. |
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Electronics growth came in at 4.4% from
11.0% due to declines in the semiconductors and computer peripherals
segment. Biomedical reversed a fall of 18.3% in 1Q05 to grow by 2.9%.
Growth in the chemicals cluster eased to 0.7%, from 6.5% in 1Q05. |
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The Construction Sector fell by 0.5% in
2Q05, an improvement over the decline of 5.6% in 1Q05. Certified
payments rose 1.3% in 2Q05, following a 3.1% gain in 1Q05. After
registering a 57.9% jump in 1Q05, contracts awarded declined by 36.8% in
2Q05. |
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In the first half of 2005, the certified
payments in the civil engineering and commercial segment grew, while
that within institutional, residential and industrial segments
contracted. |
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The Wholesale & Retail Trade Sector expanded
by 8.3% in 2Q05, better than the 6.9% clocked in 1Q05. The increase came
on the back of a 10.4% gain in non-oil re-exports for 2Q05. |
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Domestic trade maintained its growth in the
quarter as retail sales expanded by 11.3%, after a 6.1% gain in 1Q05.
Motor vehicle sales remained an important source of growth. Retail sales
excluding motor vehicles grew by 6.9% in 2Q05 compared to the 5.2%
clocked in the previous quarter. |
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Hotels & Restaurants registered a 5.3% gain
in output during 2Q05, compared to 2.4% in 1Q05. On the back of strong
growth in regional visitors from Vietnam, Philippines, India, Thailand
and Taiwan, visitor arrivals grew by 7.9%. |
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Such growth supported an improvement in average
hotel occupancy rate and average room rate. Similarly, cess-paying
establishments also reported a 17.8% increase in revenue compared to the same
quarter last year. |
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More..... |
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Source:
Ministry of Trade & Industry Press Release
10 Aug 2005 |
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Performance of Singapore Economy in 2nd Quarter 2005
