Singapore economy hits bleak 1.9% raise

This measly growth is lower than the expected 2.3% expansion.

According to OCBC, advance estimates from the Ministry of Trade and Industry (MTI) revealed that Singapore’s economy expanded by 1.9% YoY in 2Q12, higher than the 1.4% growth in 1Q12, but lower than the street’s expectations of a 2.3% expansion.

Here's more from OCBC:

On a seasonally adjusted QoQ annualized basis, the economy contracted by 1.1% vs. 1Q12’s 9.4% gain. The weakened growth momentum was mainly due to lower output in the manufacturing sector, which contracted 6% QoQ after 1Q12’s 20.9% expansion, largely because of a decline in biomedical manufacturing output. Construction growth also moderated to 0.3% QoQ from 1Q12’s 27.9% increase. As for services, growth was 0.4% in 2Q12 compared to 2.7% in the previous quarter. Although tourism-related sectors continued to expand, the pace of growth also moderated.