Singapore’s economic growth rate increases to 14.7% in Q2.
Singapore: Singapore’s economy grew 14.7 percent year-on-year in the second quarter of 2021, faster than the 1.5 percent growth in the previous quarter, the Ministry of Commerce and Commerce said on Wednesday (August 11). Industry (MTI).
The Ministry also improved the GDP growth forecast for 2021 from 6 to 7 percent, from 4 to 6 percent. It is based on the “better than expected” performance of the Singapore economy in the first half. Also the recent internal and external economic developments, the MTI said.
Singapore’s GDP Growth
The 14.7 percent figure for the second quarter topped a Reuters poll, which predicted a 14.2 percent increase.
“The reason behind this is the COVID-19 situation in Singapore stabilizing and the country’s vaccination program underway. Therefore, Singapore’s economy continues to experience a gradual recovery in the second half of the year.”, according to the Ministry.
He added that progressive easing of federal and border restrictions would also help support the recovery of Singapore’s consumer-oriented sectors. And alleviate labor shortages in industries that depend on migrant workers.
Strong growth in the second quarter was mainly due to the “low base” in the same period last year when GDP fell 13.3 percent due to the COVID-19 “circuit breaker” and a sharp drop in demand. Caused by the pandemic, MTI said.
Considering the GDP performance in the first quarter of 2021, Singapore’s economy expanded by 7.7% year-on-year in the first half of 2021.
Substantial improvements in all groups in the manufacturing sector supported the overall expansion in the April-June period. The sector as a whole grew 17.7 percent year-on-year, with the transportation and precision engineering groups seeing the most significant production increases.
The construction sector, led by an expansion of public and private projects, was also a significant growth engine. It expanded 106.2 percent from the same period last year, a substantial change from the 23.2 percent drop in the previous quarter.
The wholesale trade sector expanded 2.9 percent year on year, led by the machinery, equipment, and supplies segment.
The retail sector expanded 50.7 percent, while the transportation and warehousing sector grew 20.9 percent yearly.
The accommodation sector expanded 13.2 percent year on year, easing from a growth of 16.3 percent in the previous quarter.
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