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• The Ministry of Trade and Industry reported that Singapore’s Q2/2015 GDP estimate shrunk by 4.6%.
• Manufacturing growth fell 14% and this was due to transitory factors in the US and also structural challenges in manufacturing.
• Structural challenges include the effect of continued low oil prices with the historic lifting of the Iranian oil sanction and the onshoring phenomenon which affects the Asian supply chain.
• The impact can be seen on the STI which has fallen 5.07% from its 52-week high despite the resolution of the Greece bailout and the China stock market recovery.

Economic data are always released with a slight time lag but it is useful for us to look at how the economy as a whole is performing. The Ministry of Trade and Industry (MTI) reported the growth figures for Singapore for the second quarter of 2015 recently:

Source: MTI/ Department of Statistics Singapore

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