SINGAPORE (XFN-ASIA) - 11 July 2005, 08:23
Second quarter GDP grew 3.9 pct year-on-year, faster than the 2.8 pct rise in the first quarter, as output of the manufacturing and services sectors rose, according to preliminary estimates from the Ministry of Trade and Industry.
The growth figure topped the 1.8-3.5 pct estimate of economists polled by XFN-Asia. Seasonally adjusted, GDP expanded by a sharp 12.3 pct in the second quarter compared to the first three months.
Manufacturing output grew 3.5 pct year-on-year in the second quarter, after rising 3.4 pct in the previous quarter. "Strong performance in the transport engineering cluster continued to support growth, as the contraction in biomedical manufacturing eased," the MTI said. However, electronics and chemicals experienced slower growth, it said. Output of services grew 4.2 pct from a year earlier compared to the first quarter's 3.6 pct expansion while construction contracted by a smaller 1.4 pct after declining 5.2 pct in the first quarter.
The advance GDP estimates were based largely on data available for April and May. A final estimate will be released in August.
Comments - Good for the stock mkt (STI +11 now). Looks like SPH price will hold steady now, at least till results are released tomorrow. SPH and the Banks are very much dependent on the economic growth, so, good GDP growth => Good profits!
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