The Ministry of Trade and Industry has announced that Singapore’s economy expanded by 0.9 percent in Q2 from the previous year, to beat advance estimates.
As part of his National Day message, Prime Minister Lee Hsien Loong revealed that growth in the first six months of the year rose 4.9 percent.
The government also adjusted the full-year growth forecast to between five and six percent from the previous official projection of between five and seven percent.
The country’s manufacturing sector shrank 5.9 percent in Q2 from last year, due to lower pharmaceuticals and electronics contribution.
Financial services grew 10 percent, while tourism-related industries saw a 6.4 percent increase from hotels and restaurants and a five percent increase in contributions from other services, including integrated resorts (IRs), in Q2 from a year ago.
The announcement was made in light of the recent stock market commotion following the downgrade of the United States’ credit rating last week.
To contact the journalist, you may send your message to editor@propertyguru.com.sg