Manufacturing space growth finally reverses 3-quarter long shrinkage

It inched up 0.2%.

According to OCBC, focusing on 2Q13, GDP growth was supported primarily by manufacturing, and segments of the services industry including wholesale & retail trade, transportation & storage, and finance & insurance sectors.

Notably, the manufacturing space grew at 0.2% yoy, reversing the contraction seen for the past three consecutive quarters.

Here's more from OCBC:

On a qoq basis, the sector grew at a robust annualized rate of 32.1%, a sharp recovery from the previous 12.1% contraction print in 1Q. The engines of growth remains to be biomedical manufacturing and electronic clusters, and given the brighter 2H13 outlook, the said sectors are expected to remain on recovery trend for the year.

On services, the finance & insurance space staged a strong 13.1% yoy growth, the fastest pace since 1Q10 (+18.9% yoy) while wholesale & retail trade sector grew at a relatively strong rate of 5.6% (1Q13: +0.2%yoy).

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