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Singapore's GDP growth increases by 0.7% in Q2

Singapore’s GDP growth increased by 0.7% year on year in the second quarter, the country’s Ministry of Trade and Industry (MTI) has announced.
Singapore's GDP growth increases by 0.7% in Q2 ảnh 1Illustrative photo (Photo: Straits Times)

Singapore (VNA) – Singapore’s GDP growth increased by 0.7% year onyear in the second quarter, the Ministry of Trade and Industry (MTI) has announced.

On the quarter-on-quarter seasonally-adjusted basis, the Singaporeeconomy expanded by 0.3%, a turnaround from the 0.4% contraction in the firstquarter of 2023.

The manufacturing sector reduced by 7.5% year on year in thesecond quarter, a deterioration from the 5.3% contraction in theprevious quarter.

Meanwhile, the construction sectorgrew by 6.6%. Growth during the quarter was supported by expansions in bothpublic and private sector construction output.

Among the services sectors, the wholesale -retailtrade and transportation - storage sectors collectively grew by 2.6% year on year in thesecond quarter, a turnaround from the 0.7% contraction in theprevious quarter.

The group of sectors comprising the information &communications, finance & insurance and professional services sectors grewby 1.5% year on year in the second quarter, extending the 1.3% growthin the previous quarter./.

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