Services cluster's growth momentum nearly doubles to 5% in 2Q13

After hitting a disappointing 0% in 3Q12.

According to OCBC, construction and services also saw robust growth at 5.6% and 5.0% yoy respectively, adding to a broader-based Q2 growth story.

The services producing industries actually saw growth momentum nearly double from 2.7% yoy in 1Q13 to 5.0% yoy in 2Q13, after it hit bottom at 0% yoy in 3Q12 and has been steadily improving since then.

Here's more from OCBC:

The 2Q improvement in the quarterly momentum for services was supported by a robust recovery in the wholesale & retail trade sector and the transportation & storage sector.

The services sector improvement is a testament to the resilience in domestic-oriented activities, as the tight labour market continues to support consumer confidence and domestic consumption, haze notwithstanding.

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