Singapore's gross domestic product also grew 0.7 % year on year in the April-June period. (Photo: straitstimes.com) Singapore (VNA) – Singapore’s economy expanded by 0.3 % in the secondquarter of 2023 from the previous three months, narrowly avoiding a technicalrecession or two consecutive quarters of contraction, the Ministry ofTrade and Industry (MTI) reported.
The island-state's Gross Domestic Product(GDP) also grew 0.7 % year on year in the April-June period, according toadvance estimates.
MTI said, growth in the second quarter was supportedby expansions in both public and private sector construction output with agrowth rate of 6.6% year on year and other sectors such as services, trade, wholesaleand retail trade, transport and storage, information and communication,finance and insurance and professional services, among others.
However, the ministry’s flash estimates showed the manufacturing sector contracted 7.5% year onyear in the second quarter, sharper than the 5.3 % drop in the previous quarter. The weak performance of the sector was due to output declines across allclusters, except for transport engineering.
In the first quarter of 2023, the Singaporean economy grew by 0.4 % year on year, slowing from the 2.1 % expansion in the previousquarter. On a quarter-on-quarter seasonally adjusted basis, it shrank 0.4 %, areversal from the 0.1 % growth in the fourth quarter of 2022.
Economistsforecast that Singapore's growth in 2023 will reach between 1-1.5%./.
