Singapore Economy Expanded 2.5% in Q2

Singapore economy expanded 2.5% in the second quarter from a year ago, based on advance estimates by the Ministry of Trade and Industry (MTI) on Friday.

On quarter-on-quarter annualised basis, MTI said that overall GDP expanded by a seasonally adjusted 0.4% - a reversal from the 1.9 % contraction in the previous quarter.

The manufacturing sector expanded by 8% year-on-year, extending the 8.5% growth in the previous quarter, bolstered by the electronics and precision engineering manufacturing.

The services producing industries grew by 1.7% year-on-year, faster than the 1.4% growth in the previous quarter, supported mainly by the transportation & storage business sectors.

- APMR News