Illustrative photo (Photo: Straits Times) Singapore (VNA) – Singapore’s GDP growth increased by 0.7% year on year in the second quarter, the Ministry of Trade and Industry (MTI) has announced.
On the quarter-on-quarter seasonally-adjusted basis, the Singapore economy expanded by 0.3%, a turnaround from the 0.4% contraction in the first quarter of 2023.
The manufacturing sector reduced by 7.5% year on year in the second quarter, a deterioration from the 5.3% contraction in the previous quarter.
Meanwhile, the construction sector grew by 6.6%. Growth during the quarter was supported by expansions in both public and private sector construction output.
Among the services sectors, the wholesale -retail trade and transportation - storage sectors collectively grew by 2.6% year on year in the second quarter, a turnaround from the 0.7% contraction in the previous quarter.
The group of sectors comprising the information & communications, finance & insurance and professional services sectors grew by 1.5% year on year in the second quarter, extending the 1.3% growth in the previous quarter./.
