Illustrative photo (Photo: Singaporeair)
 
 Singapore (VNA) – Singapore’s Ministry of Trade and Industry reported that the country’s GDP expanded 2.5 percent in the second quarter on a yearly basis and 0.4 percent compared to Quarter 1, driven by strong growth in electronics and manufacturing sectors.

According to the ministry, the manufacturing industry grew 8 percent year on year in Q2, down from the 8.5 percent recorded in the first quarter.

Meanwhile, the construction sector saw a yearly reduction of 5.6 percent, following a 6.1 percent contraction in Q1.  

Earlier, the Monetary Authority of Singapore released the outcome of a quarterly survey, which showed private sector economists raised their growth forecast for Singapore’s economy in 2017 based on improved performance of manufacturing/production sectors and banks’ lending. -VNA