Singapore’s Ministry of Trade and Industry (MTI) said in the second quarter the economy grew by 3.8 percent year-on-year or 15.5 percent on a quarter-on-quarter basis.
It is the strongest growth in three years and a hefty improvement from the 0.2 percent growth recorded in the first quarter.
The island economy recorded a GDP increase of 1.8 percent in the first quarter and 1.3 percent last year.
Following the strong performance, the MTI upgraded the gross domestic product (GDP) growth forecast for 2013 from 1 to 3 percent, to 2.5 to 3.5 percent.
In his National Day Message last week, Prime Minister Lee Hsien Loong said Singapore's economic growth forecast for this year is between 2.5 and 3.5 percent and in the first half of 2013, Singapore 's economy grew by 2 percent.
According to the MTI, the strong GDP growth in Quarter 2 was supported by a robust recovery in manufacturing, construction, wholesale and retail trade, the transportation and storage sector and finance and insurance services.-VNA
It is the strongest growth in three years and a hefty improvement from the 0.2 percent growth recorded in the first quarter.
The island economy recorded a GDP increase of 1.8 percent in the first quarter and 1.3 percent last year.
Following the strong performance, the MTI upgraded the gross domestic product (GDP) growth forecast for 2013 from 1 to 3 percent, to 2.5 to 3.5 percent.
In his National Day Message last week, Prime Minister Lee Hsien Loong said Singapore's economic growth forecast for this year is between 2.5 and 3.5 percent and in the first half of 2013, Singapore 's economy grew by 2 percent.
According to the MTI, the strong GDP growth in Quarter 2 was supported by a robust recovery in manufacturing, construction, wholesale and retail trade, the transportation and storage sector and finance and insurance services.-VNA
