Singapore records 2.9 pct economic growth in Q2

This photo taken on Aug. 13, 2024 shows the business district at Singapore’s Marina Bay. (Photo by Then Chih Wey/Xinhua)
SINGAPORE, Aug. 13 (Xinhua) — The Singapore economy expanded 2.9 percent year-on-year in the second quarter of this year, and its GDP growth averaged 3.0 percent in the first half, according to the quarterly economic survey issued by the Ministry of Trade and Industry (MTI) on Tuesday.
The growth in the second quarter was primarily driven by the wholesale trade, finance and insurance, and information and communications sectors.
Meanwhile, the manufacturing sector shrank 1 percent year-on-year in the second quarter due to a contraction in the biomedical manufacturing cluster.
The electronics cluster returned to growth, supported by strong demand for smartphones, personal computers, and AI-related chips, even as demand for automotive and industrial chips remained weak.
The MTI estimates that Singapore’s external demand outlook will stay resilient for the rest of this year. The manufacturing sector is expected to see a gradual recovery in the second half, supported by robust growth of the electronics cluster.
The projected recovery of the manufacturing sector will also benefit trade-related services sectors. Moreover, the continued recovery in air travel and tourism demand will support growth in the tourism-related and aviation-related sectors.
Considering the domestic and external situations, Singapore’s economy will grow 2 to 3 percent throughout this year, according to the MTI. ■

A tourist takes a photo at Singapore’s Marina Bay on Aug. 13, 2024. (Photo by Then Chih Wey/Xinhua)

Tourists visit the Merlion Park at Singapore’s Marina Bay on Aug. 13, 2024. (Photo by Then Chih Wey/Xinhua)