Singapore Q2 GDP rises by 4.8%, manufacturing expands further

SINGAPORE (ICIS)–Singapore’s economy grew by 4.8% year on year in the second quarter, supported by the continued expansion of the manufacturing sector, official data showed on Thursday.

The GDP growth in the second quarter extends the revised 4.0% year-on-year expansion in the previous quarter, advance estimates released by the Ministry of Trade and Industry (MTI) showed.

On a quarter-on-quarter seasonally-adjusted basis, Singapore’s GDP was unchanged in the second quarter, after posting an expansion of 0.9% in the first three months of the year.

Singapore’s manufacturing sector expanded by 8.0% year on year in the second quarter, accelerating from the 7.9% growth in the preceding quarter, while construction rose by 3.8%.

Growth during the quarter was supported by output expansions in all clusters, except for the biomedical manufacturing and chemicals clusters.

“The electronics and precision engineering clusters continued to record strong output growth, driven by sustained global demand for semiconductors and semiconductor equipment respectively,” MTI said.

The preliminary GDP estimates for the second quarter will be released in August, it added.