Singapore's Economy Grows 2.9% in Q2, Driven by Construction and Manufacturing Sectors

Singapore's Economy Grows 2.9% in Q2, Driven by Construction and Manufacturing Sectors

Singapore's economy expanded by 2.9 percent year-on-year in the second quarter, slightly down from the 3.0 percent growth in the previous quarter, according to advance estimates released by the Ministry of Trade and Industry on Friday.

The construction sector showed robust performance with a 4.3 percent growth year-on-year, building on the 4.1 percent growth observed in the preceding quarter. 

The manufacturing sector rebounded with a 0.5 percent growth from April to June, recovering from the 1.7 percent contraction in the previous quarter.

However, the growth in the services industries moderated, slowing from 4.3 percent in the first quarter to 3.3 percent in the second quarter.