The manufacturing sector contracted by 1.1 per cent on a year-on-year basis, following the 1.4 per cent decline in the previous quarter. On a quarter-on-quarter basis, the sector grew by an annualised rate of 3.1 per cent, reversing from the 16.6 per cent contraction in the previous quarter.
Both the finance & insurance and business services sectors grew by 3.3 per cent on a year-on-year basis. On a quarter-on-quarter basis, the finance & insurance sector declined by an annualised rate of 1.3 per cent, while the business services sector grew by an annualised rate of 2.1 per cent.
For the whole of 2012, Singapore’s GDP growth slowed to 1.3 per cent, from 5.2 per cent in 2011, mainly due to weakness in the externally-oriented sectors. Weighed down by the contraction in the electronics cluster, manufacturing sector growth slowed sharply from 7.8 per cent in the previous year to 0.1 per cent. By contrast, the construction sector growth accelerated from 6.3 per cent to 8.2 per cent in 2012, due to the expansion in both public and private building activities.