Singapore’s Ministry of Trade and Industry (MTI) said in the secondquarter the economy grew by 3.8 percent year-on-year or 15.5 percent on aquarter-on-quarter basis.
It is the strongestgrowth in three years and a hefty improvement from the 0.2 percentgrowth 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 domesticproduct (GDP) growth forecast for 2013 from 1 to 3 percent, to 2.5 to3.5 percent.
In his National Day Message lastweek, Prime Minister Lee Hsien Loong said Singapore's economic growthforecast for this year is between 2.5 and 3.5 percent and in the firsthalf of 2013, Singapore 's economy grew by 2 percent.
According to the MTI, the strong GDP growth in Quarter 2 was supportedby a robust recovery in manufacturing, construction, wholesale andretail trade, the transportation and storage sector and finance andinsurance services.-VNA