Economy slightly grows in 2Q23: flash estimates

It grew 0.7% YoY from 0.4% YoY in 1Q23.

Singapore’s gross domestic product (GDP) grew at a faster pace in 2Q23, increasing 0.7% YoY, flash estimates from the Ministry of Trade and Industry (MTI) showed. In 1Q23, the GDP grew by 0.4% YoY.

On a quarter-on-quarter basis, GDP expanded by 0.3%, a turnaround from the 0.4% contraction in the preceding quarter.

Amongst the goods-producing industries, the manufacturing sector saw a contraction in 2Q23, falling 7.5% YoY.

"The weak performance of the sector was due to output declines across all manufacturing clusters, except for the transport engineering cluster," the MTI said.

On the other hand, the construction sector grew 2.6%% YoY.

Amongst the services-producing industries, the "wholesale & retail trade and transportation & storage" (3.4% YoY vs -0.5% YoY) and the "information & communications, finance & insurance and professional services" (1.7% YoY vs -1.6% YoY) posted higher growths during the quarter.

Meanwhile, "accommodation & food services, real estate, administrative & support services" slowed down in Q3, posting a lower growth of 0.1% YoY vs 1.9% YoY from the preceding quarter.