11:34 | 15/07/2016 Global Economy
The Singaporean economy grew 2.2 percent on a year-on-year basis in the second quarter of this year, marginally higher than the 2.1 percent expansion in the previous quarter.
Part of Singapore (Photo:Internet)
According to the latest statistics released by the country’s Ministry of Trade and Industry (MTI) on July 14, the economy expanded 0.8 percent on a quarterly basis, an improvement from the 0.2 percent growth in the first quarter.
The figures were in line with analysts' forecast of a 2.2 percent year-on-year growth and a 0.9 percent quarterly-on-quarterly basis.
The statistics showed that the manufacturing sector expanded by 0.8 percent year-on-year, a reversal from the 0.5 percent decline in the previous quarter. Growth was supported by an increase in the output of the biomedical manufacturing and electronics clusters.
Growth in the services industry came in at 1.7 percent, the same pace as in the previous quarter, mainly driven by wholesale and retail trade, and the transportation and storage sector.
The construction sector grew by 2.7 percent, easing from the 4.5 percent growth recorded in the previous quarter, largely due to a slowdown in the private sector construction activities./.