Business & Economy

Singapore’s GDP grows by 14.3% in Q2

Bangkok Desk, Jul 14 (EFE).- Singapore’s gross domestic product grew by 14.3 percent during the second quarter of 2021 compared to the same period last year, when the city-state’s economy recorded its worst-ever contraction due to the impact of tough Covid-19 measures.

“The strong growth was largely due to the low base in the second quarter of 2020 when GDP fell by 13.3 per cent due to the Circuit Breaker (CB) measures implemented from 7 April to 1 June 2020,” the Ministry of Trade and Industry said in a statement on Wednesday.

The construction sector posted a year-on-year increase of 98.8 percent during the second quarter of the year and manufacturing expanded by 18.5 percent while all services sectors also posted expansions.

Between April and July, Singapore’s GDP contracted 2 percent on a quarter-to-quarter seasonally adjusted basis, the ministry said.

The economy had expanded by 1.3 percent in the first quarter of the year compared to the last three months of 2020.

This quarter-on-quarter decrease could be due to measures re-imposed in mid-May to contain a Covid-19 outbreak in the city-state after it had lifted almost all restrictions in December. EFE


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