Singapore’s Q2 GDP growth beats estimates
The country’s Q2 gross domestic product expanded 2.9% on the year while preliminary estimates called for a gain of 2.5%, according to the Ministry of Trade and Industry. This figure also stands above the first quarters’ reading of 2.5%.
The manufacturing sector grew 8.1% compared to the same period of last year while the services industry, which accounts for about two-thirds of the economy, grew an annualized 3.3% in the second quarter from the previous three months. However, the construction sector contracted 5.7% on a yearly basis on a fall in private sector and public sector construction output.
Meanwhile, the ministry of Trade and Industry also adjusted its full year GDP growth estimates from 1-3% to 2-3%.
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