SINGAPORE: Singapore’s economy grew 0.7 per cent year-on-year in the second quarter of 2023, faster than the 0.4 per cent growth in the previous quarter, according to advance estimates released by the Ministry of Trade and Industry (MTI) on Friday (Jul 14).
On a quarter-on-quarter seasonally-adjusted basis, Singapore’s economy expanded by 0.3 per cent. This is a turnaround from the 0.4 per cent contraction in the first quarter, averting the risk of a technical recession.
The advance GDP estimates for the second quarter are computed largely from data in the first two months of the quarter, from data in April and May.
They are intended as an early indication of GDP growth in the quarter and are subject to revision when more comprehensive data become available.
SECTOR PERFORMANCES
The manufacturing sector continued to see weak performance.
It contracted by 7.5 per cent year-on-year in the second quarter, a deterioration from the 5.3 per cent contraction in the previous quarter.
“The weak performance of the sector was due to output declines across all manufacturing clusters, except for the transport engineering cluster,” said MTI.
On a quarter-on-quarter seasonally-adjusted basis, the sector shrank at a slower pace of 1.3 per cent in the second quarter, compared to the 4.5 per cent contraction in the preceding quarter.
The construction sector grew by 6.6 per cent year-on-year in the second quarter, extending the 6.9 per cent growth in the first quarter. Growth was supported by expansions in both public and private sector construction output.
On a quarter-on-quarter seasonally-adjusted basis, the sector expanded by 2.6 per cent in the second quarter, accelerating from the 0.3 per cent growth in the preceding quarter.
Among the services sectors, the wholesale and retail trade as well as transportation and storage sectors collectively grew by 2.6 per cent year-on-year in the second quarter, a turnaround from the 0.7 per cent contraction in the previous quarter.
Source: CNA
