Singapore GDP Climbs 2.9% On Year In Q2
2024-07-12
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(fxcue news) - Singapore's gross domestic product expanded 2.9 percent on year in the second quarter of 2024, the Ministry of Trade and Industry said in Friday's preliminary reading.
That exceeded expectations for an increase of 2.7 percent following the upwardly revised 3.0 percent gain in the three months prior (originally 2.7 percent).
On a seasonally adjusted quarterly basis, GDP rose 0.4 percent, beating forecasts for 0.3 percent, which would have been unchanged from Q1 following an upward revision from 0.1 percent.
The manufacturing sector gained 0.6 percent on quarter and 0.5 percent on year, while the construction sector rose 2.4 percent on quarter and 4.3 percent on year.
The service producing industries were flat on quarter and up 3.3 percent on year.
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