By Nur Ashikin Abdul Aziz
SINGAPORE, July 12 (Bernama) -- Singapore's economy grew by 2.9 per cent year-on-year (y-o-y) in the second quarter of 2024 (2Q 2024), following a 3.0 per cent increase in the previous quarter.
According to the republic’s Ministry of Trade and Industry (MTI) advance estimates released today, the economy expanded by 0.4 per cent quarter-on-quarter on a seasonally adjusted basis, slightly faster than the 0.3 per cent expansion in the first quarter of 2024.
The advance gross domestic product (GDP) estimates for 2Q 2024 were computed largely from data in the first two months of the quarter and are subject to revision when more comprehensive data become available.
On sectoral performance, the MTI said the manufacturing sector grew by 0.5 per cent y-o-y in 2Q 2024, reversing the 1.7 per cent contraction in the previous quarter.
“Growth in the sector was supported by output expansions across all manufacturing clusters, except for the biomedical manufacturing and precision engineering clusters,” it said.
The construction sector grew by 4.3 per cent y-o-y in 2Q 2024, extending the 4.1 per cent growth in the preceding quarter, supported by an increase in public sector construction output.
Among the services sectors, the wholesale and retail trade and transportation and storage sectors collectively expanded by 2.5 per cent y-o-y in 2Q 2024, moderating from the 3.9 per cent growth in the previous quarter.
“All sectors in the group, except for the retail trade sector, recorded growth during the quarter,” the ministry added.
The information and communications, finance and insurance and professional services sectors grew by 5.6 per cent y-o-y in 2Q 2024, slightly below the 5.7 per cent growth in the previous quarter, with all sectors within the group expanding during the quarter.
Meanwhile, the accommodation and food services, real estate, administrative and support services and other services sectors grew by 1.9 per cent y-o-y in 2Q 2024, slower than the 3.0 per cent growth in the previous quarter.
“Within the group, all sectors except for the real estate and food services sectors expanded during the quarter,” the ministry said.
The MTI will release the preliminary GDP estimates for 2Q 2024, including performance by sectors, sources of growth, inflation, employment and productivity, in the Economic Survey of Singapore in August 2024.
-- BERNAMA
