Singapore posts 2.5 percent growth in Q2
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.
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
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
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