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%
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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.
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