Real estate and banking weigh on services' Q2 growth
Services up by only 1.4% year on year in Q2; manufacturing clocks first rise in over a year - 1.1%
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
Singapore
WORRYING performances from real estate and the banking sector dragged on services growth in Singapore in the second quarter, while the electronics and biomedical clusters boosted manufacturing, which posted its first year-on-year growth in more than seven quarters.
Singapore's services sector, representing about three quarters of the economy and often viewed as more resilient than manufacturing, grew just 1.4 per cent year-on-year in the three months ended June 30, one of its slowest since the 2008 financial crisis. It grew 1.7 per cent in Q1.
Copyright SPH Media. All rights reserved.
TRENDING NOW
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
OCBC is said to emerge as lead bidder for HSBC Indonesia assets
Middle East-linked energy supply shocks put Asean Power Grid back in focus
Eurokars Group introduces rental car franchises Enterprise Rent-A-Car, National Car Rental, and Alamo to Singapore
