12 Aug 2013
The Ministry of Trade and Industry (MTI) said the economy grew by 3.8 per cent on-year in the second quarter, its strongest growth in three years.
Singapore's economy posted strong growth in this year's second quarter, on the back of a robust performance from the manufacturing sector.
The Ministry of Trade and Industry (MTI) said the economy grew by 3.8 per cent on-year in the second quarter.
It is the strongest growth in three years and a hefty improvement from the 0.2 per cent growth recorded in the first quarter.
Following the strong performance, the ministry upgraded the gross domestic product (GDP) growth forecast for 2013 from 1 to 3 per cent, to 2.5 to 3.5 per cent.
MTI said GDP grew by 15.5 per cent on a quarter-on-quarter basis, significantly higher than the 1.7 per cent expansion in the previous quarter.
On a quarter-on-quarter basis, the manufacturing sector soared 32.1 per cent, a sharp rebound from the 12.1 per cent contraction in the previous quarter.
The construction sector jumped 11.2 per cent, faster than the 10.3 per cent growth in the preceding quarter.
In the services producing industries, the wholesale & retail trade sector expanded by 22.1 per cent, in contrast to the 2.6 per cent contraction in the first quarter.
The transportation and storage sector grew by 19.6 per cent. The finance and insurance sector expanded by 9.2 per cent following a surge of 51.2 per cent in the preceding quarter.
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