SINGAPORE: The Singapore economy grew by 0.7 per cent year on year in the second quarter, faster than the 0.4 per cent growth recorded in the previous quarter, Singapore’s Ministry of Trade and Industry (MTI) announced on Friday reported Xinhua.
On a quarter-on-quarter seasonally-adjusted basis, the Singapore economy expanded by 0.3 per cent, a turnaround from the 0.4 per cent contraction in the first quarter of 2023.
The manufacturing sector 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. 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 during the quarter 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 & retail trade and transportation & storage sectors collectively grew by 2.6 per cent year on year in the second quarter, a turnaround from the 0.7 percent contraction in the previous quarter.
On a quarter-on-quarter seasonally-adjusted basis, the sectors as a group expanded by 3.4 per cent in the second quarter, rebounding from the 0.5 per cent contraction in the preceding quarter.
The group of sectors comprising the information & communications, finance & insurance, and professional services sectors grew by 1.5 per cent year on year in the second quarter, extending the 1.3 percent growth in the previous quarter. – BERNAMA-XINHUA
