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Skip Navigation LinksHome :: Markets/asset classes :: Asia :: Singapore's April-June quarter GDP growth moderates to 2.1% y/y.

Tuesday, August 12, 2008

Singapore's April-June quarter GDP growth moderates to 2.1% y/y.





Singapore's April-June quarter GDP growth moderates to 2.1% y/y. Singapore's GDP growth moderated to a 2.1% y/y growth for the Apr-Jun 2008 quarter. The GDP, on q/q basis fell by 6%; on a seasonally adjusted basis. The decline is line with Reuters poll estimates. The poor performance was attributed to decline in manufacturing output said the government. However the figures are better that the estimated 6.6% fall based on the figures of April and May. Reuters reported that manufacturing sector shrank 5.2% y/y in Q2, construction grew 17.4% and the financial sector grew 10.2%.

Title:
Singapore, GDP – Q2/ 2008
Sector Q2/07 Q3/07 Q4/07 2007 Q1/08 Q2/08
Overall GDP 13.4% 5.1% -4.8% 7.7% 15.7% -6.0%
Good Producing Industries 14.6% 17.5% -18.6% 7.2% 47.4% -34.7%
Manufacturing 14.0% 19.1% -24.9% 5.8% 59.2% -43.0%
Construction 24.7% 13.3% 27.3% 20.3% 3.2% 27.9%
Services Producing Industries 12.8% 1.0% 5.8% 8.1% 11.5% 10.0%
Wholesale & Retail 8.1% 1.9% 0.4% 7.3% 10.9% 11.7%
Transport & Communications 5.6% 0.3% 7.3% 5.1% 8.6% 6.5%
Hotels & Restaurants 6.5% 2.6% -0.5% 4.4% 3.3% 2.9%
Information :& Communications 8.2% 8.6% 6.7% 6.3% 4.7% 10.6%
Financial Services 29.1% -7.3% 10.3% 16.9% 27.3% 13.2%
Business Services 16.4% 4.5% 8.8% 7.8% 4.7% 12.1%

Source: Department of Statistics TAIWAN

Taiwanese government to focus on GDP growth.

Taiwan 's Vice Minister of Finance Chang Sheng-ho said that the economic growth will be a key focus for fiscal reforms. The Taipei Times reported that the tax reform committee would aim for improving the financial status and wealth distribution over imposing tax on securities gain. Chang hinted that in line with comparable global trends, the committee would not push the government to accept the tax securities gains.







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