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The
Singapore
economy maintained its
strong growth momentum in the second quarter of 2004.
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Advance
estimates1
show that real gross domestic product (GDP) in the quarter increased by 11.7 per
cent over the same period in 2003.
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The
high year-on-year growth rate was indicative of the economy’s recovery from
the severe impact of SARS a year ago as well as the continuing pickup in
global economic activity.
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On
an annualised quarter-on-quarter basis,
Singapore’s GDP posted growth of
9.1 per cent in the second quarter.
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Gross
Domestic Product at 1995 Prices (*Advance Estimates)
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(Percentage
change over corresponding period of previous year)
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1Q04 |
*2Q04 |
| Overall GDP |
7.4 |
11.7 |
| Goods-Producing
Industries |
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| Manufacturing |
10.9 |
18.0 |
| Construction |
2.0 |
-4.5 |
| Services-Producing
Industries |
6.0 |
11.0 |
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2Q03 |
3Q03 |
4Q03 |
2003 |
| Overall GDP |
-3.9 |
1.7 |
4.9 |
1.1 |
| Goods-Producing
Industries |
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| Manufacturing |
-6.3 |
3.3 |
8.9 |
2.8 |
| Construction |
-10.2 |
-9.6 |
-8.1 |
-10.7 |
| Services-Producing
Industries |
-3.0 |
1.7 |
4.3 |
1.0 |
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Largely
reflecting favourable conditions in the external economic environment, the
manufacturing sector is estimated to have grown by 18 per cent in the second
quarter.
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The electronics
cluster remained an important source of growth, led by surging output of
semiconductors as well as infocomms and consumer electronics.
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The biomedical
manufacturing cluster also grew strongly in the quarter, while the precision
engineering and transport engineering clusters turned in smaller gains.
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The
construction sector reverted to a contraction of 4.5 per cent in the second
quarter, after registering a small gain in the first quarter of 2004, as
activity in both the public and private sectors slowed.
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The
services-producing industries are estimated to have grown by 11 per cent in
the second quarter. This partly reflected the recovery of sectors that were
most affected by SARS in the second quarter of 2003.
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The resumption
of international travel had a particularly strong positive impact on the
hotels and restaurants sector as well as the transport and communications
sector.
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During the
quarter, accelerating growth of entrepot trade also boosted activity in the
wholesale and retail trade sector, while the financial and business services
sectors registered positive growth as well.
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The
preliminary GDP estimates for the second quarter, including sectoral
performances, sources of growth, inflation, employment and productivity, will
be released in August 2004 in the Economic
Survey of Singapore.
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1
The advance GDP estimates for second quarter 2004
are computed largely from the first two months’ data (i.e. April and May
2004). They are intended as an early indication of the GDP growth in the
quarter, and are subject to revision when more comprehensive data become
available.
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Source: Ministry
of Trade & Industry Press Release 12 Jul 2004
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Advance GDP estimates for 2nd Quarter 2004
