Singapore's GDP Grows by 0.7 pct in Q2
This photo taken on July 14, 2023 shows the skyline of Singapore's financial district. Photo by Then Chih Wey/Xinhua
- By Xinhua News Agency
- July 15, 2023 9:02 AM
SINGAPORE -- The Singapore economy grew by 0.7 percent year on year in the second quarter, faster than the 0.4 percent growth recorded in the previous quarter, Singapore's Ministry of Trade and Industry (MTI) announced on Friday.
On a quarter-on-quarter seasonally-adjusted basis, the Singapore economy expanded by 0.3 percent, a turnaround from the 0.4 percent contraction in the first quarter of 2023.
The manufacturing sector contracted by 7.5 percent year on year in the second quarter, a deterioration from the 5.3 percent 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 percent in the second quarter, compared to the 4.5 percent contraction in the preceding quarter.
The construction sector grew by 6.6 percent year on year in the second quarter, extending the 6.9 percent 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 percent in the second quarter, accelerating from the 0.3 percent growth in the preceding quarter.
Among the services sectors, the wholesale & retail trade and transportation & storage sectors collectively grew by 2.6 percent 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 percent in the second quarter, rebounding from the 0.5 percent contraction in the preceding quarter.
The group of sectors comprising the information & communications, finance & insurance and professional services sectors grew by 1.5 percent year on year in the second quarter, extending the 1.3 percent growth in the previous quarter.
