By Ronnie Harui
SINGAPORE–Singapore’s economy grew at a quicker pace in the second quarter, as expansion in construction and services-producing industries outweighed a contraction in manufacturing.
Gross domestic product expanded 0.5% in the April-to-June period from a year earlier, according to revised data released by the Ministry of Trade and Industry on Friday. That compared with the advance estimate of 0.7% growth and with the 0.4% growth in the first quarter of 2023.
Services-producing industries grew 2.6% on year in the second quarter, faster than the 1.9% expansion recorded in the previous quarter, and construction grew 6.8% in the second quarter following the 6.9% expansion posted in the prior quarter.
Manufacturing shrank 7.3% on year in the second quarter, accelerating from the 5.4% contraction in the first quarter.
Singapore’s GDP grew 0.1% on a quarter-over-quarter seasonally adjusted basis in the second quarter, the revised data showed. That compared with the advance estimate of 0.3% growth and with the 0.4% contraction in the first quarter.
The ministry also said that Singapore’s 2023 GDP growth forecast has been narrowed to 0.5%-1.5% from 0.5%-2.5% previously.
Write to Ronnie Harui at [email protected]
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