News

Economy

Gerv Tacadena

, Singapore

Published:

8 years ago

Singapore's GDP grows 2.5% in Q2

This is the same pace of growth seen in the previous quarter.

The Singapore economy grew by 2.5% on a year-on-year basis in Q2, the same pace of growth recorded in the previous quarter.

According to the Ministry of Trade and Industry, the manufacturing sector expanded by 8%, extending its 8.5% growth in the first quarter of the year.

The growth in the sector is supported mainly by the electronics and precision engineering clusters.

The past quarter has given good news for the constructions sector as its contraction eased from 6.1% decline to 5.6%. However, both private and public sector still recorded lacklustre construction activities.

The services producing industries grew at a faster pace of 1.7% in Q2, supported by the transportation & storage and business services sectors.

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