Singapore's economic growth slowed to 0.5% year-on-year in the second quarter of this year, largely hit by a contraction in the manufacturing sector, the Trade and Industry Ministry said today.
"The moderation in growth reflected a slowdown across many sectors," said the Ministry, will releasing the advanced gross domestic product estimates for April and May.
Comparatively, the first quarter gross domestic product grew by 9.3% during the year.
The Ministry is projecting a 5-7% growth for the full year.
While the pharmaceutical companies switched to different lines of drug production, a slowdown in global demand for electronic products hit the city state’s manufacturing sector, which declined 5.5% for April-June quarter.
The services sector also slowed down, growing by just 3.3% due to declines in the wholesale and retail trade and financial services sectors.
The construction sector grew by 1.6% during the quarter.