Singapore’s economy grew 3.7 percent in the second quarter of this year compared to a year ago, rebounding from the meagre 0.2 percent year-on-year growth registered in the first quarter.
Estimates released by the Ministry of Trade and Industry on July 12 show that GDP in Q2 surged 15.2 percent quarter-on-quarter, much stronger than the 1.8 percent quarter-on-quarter growth for Q1.
The Ministry attributed the growth to the manufacturing sector, which expanded 37.6 percent quarter-on-quarter and 1.1 percent year-on-year. The sharp reversal from a 6.9 percent year-on-year contraction in Q1 was thanks to strong growth in biomedical output and a recovery in the key electronics sector.
Other sectors also recorded strong growth in the past quarter, including construction and services.
The construction sector grew 5.6 percent on-year, compared to 6.8 percent in the preceding quarter. The sector grew 9.0 percent on-quarter, moderating from 14.3-percent growth in the previous quarter.
The services producing industries grew 5.0 percent on-year, compared to 2.7-percent growth in the previous quarter. The sector grew 9.0 percent on-quarter, faster than the growth of 8.1 percent in the preceding quarter.
The advance GDP estimates for the second quarter of 2013 are computed largely from data in April and May.
The Ministry of Trade and Industry forecast that this year’s GDP would rise between 1 percent and 3 percent.-VNA
Estimates released by the Ministry of Trade and Industry on July 12 show that GDP in Q2 surged 15.2 percent quarter-on-quarter, much stronger than the 1.8 percent quarter-on-quarter growth for Q1.
The Ministry attributed the growth to the manufacturing sector, which expanded 37.6 percent quarter-on-quarter and 1.1 percent year-on-year. The sharp reversal from a 6.9 percent year-on-year contraction in Q1 was thanks to strong growth in biomedical output and a recovery in the key electronics sector.
Other sectors also recorded strong growth in the past quarter, including construction and services.
The construction sector grew 5.6 percent on-year, compared to 6.8 percent in the preceding quarter. The sector grew 9.0 percent on-quarter, moderating from 14.3-percent growth in the previous quarter.
The services producing industries grew 5.0 percent on-year, compared to 2.7-percent growth in the previous quarter. The sector grew 9.0 percent on-quarter, faster than the growth of 8.1 percent in the preceding quarter.
The advance GDP estimates for the second quarter of 2013 are computed largely from data in April and May.
The Ministry of Trade and Industry forecast that this year’s GDP would rise between 1 percent and 3 percent.-VNA
