Singapore GDP Expands by 3.7% YoY in Q2

Based on advance estimates, the Singapore economy grew by 3.7 percent on a year-on-year basis in the second quarter of 2013, compared to 0.2 percent in the preceding quarter. The expansion is largely due to a strong rebound in the manufacturing sector, mainly in pharmaceuticals and electronics.

On a year-on-year basis, the manufacturing sector expanded by 1.1 per cent in the second quarter, a reversal from the 6.9 per cent contraction in the previous quarter. The sharp rebound largely reflected the strong growth in the output of the biomedical manufacturing and electronics clusters.

The construction sector grew by 5.6 percent yoy, compared to 6.8 percent in the preceding quarter. 

The services producing industries grew by 5.0 percent yoy, following the 2.7 percent growth in the previous quarter. Growth was primarily supported by a robust recovery in the wholesale and retail trade sector and the transportation and storage sector. 

On a quarter-on-quarter basis, the economy grew by an annualized rate of 15.2 percent, the fastest pace in two years.

Singapore GDP Expands by 3.7% YoY in Q2

Ministry of Trade and Industry | Joana Taborda |
7/12/2013 9:29:15 AM