Business & Economy

Singapore’s economy rebounds in Q2 with 14.7% growth

Bangkok Desk, Aug 11 (EFE).- Singapore’s gross domestic product (GDP) expanded by 14.7 percent in the second quarter of the year after its timid exit from recession during the first few months of 2021, the government announced on Wednesday.

The rapid economic recovery of the city-state comes after the lifting of practically all Covid-19 measures imposed between January and July.

This GDP growth was driven by the manufacturing sector, which expanded by 17.7 percent year-on-year, as well as the construction sector, which grew 106.2 percent between April and July, the Singaporean ministry of trade and industry said in a statement.

The ministry also upgraded the economy’s growth forecast for this year to between 6-7 percent from the previous forecast of between 4-5 percent due to “the better-than-expected performance of the Singapore economy in the first half of the year, as well as the latest external and domestic economic developments,” the ministry said.

“Barring a major setback in the global economy, the Singapore economy is expected to continue to see a gradual recovery in the second half of the year, supported in large part by outward-oriented sectors,” it added.

The city-state hopes to begin reopening its international borders “towards the later part of the year, especially for travelers from countries that have managed to control the pandemic and vaccinate a large part of their populations,” according to the ministry.

The Asian nation, whose GDP shrank 5.4 percent in 2020 following four consecutive quarters of decline, came out of recession in the first quarter of the year by recording a growth of 1.5 percent. EFE


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