By Ronnie Harui
Singapore’s economy grew at its fastest pace in eleven years in the second quarter as it bounced back from a pandemic-induced slump a year earlier.
The country’s gross domestic product expanded 14.3% in the April-to-June period from a year earlier, according to the advance estimate released by the Ministry of Trade and Industry on Wednesday. The growth was in line with expectations in a Wall Street Journal poll of economists.
Goods-producing industries expanded 22.2% in the second quarter compared with 5.9% growth in the first quarter. Manufacturing grew 18.5% in the second quarter, extending a 11.3% expansion in the first quarter.
Construction soared 98.8% in the second quarter, compared with the 23.1% contraction in the first quarter. Services-producing industries expanded 9.8% in the second quarter following the 0.5% contraction in the first quarter.
On quarter, GDP fell 2.0% on a seasonally adjusted basis.
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