Singapore's gross domestic product climbed a seasonally adjusted, annualized 0.8 percent on quarter in the second quarter of 2016, the Ministry of Trade and Industry said in Thursday's advance estimate.
That beat forecasts for an increase of 0.3 percent, and it was up from the 0.2 percent gain in the first quarter.
On a yearly basis, GDP jumped 2.2 percent – in line with expectations and up from the upwardly revised 2.1 percent in the three months prior (originally 1.8 percent).
The reading is in line with the MTI's current growth forecast for 2016 of 1.0 to 3.0 percent.
Individually, the manufacturing sector expanded 0.3 percent on quarter and 0.8 percent on year after surging 18.4 percent on quarter and falling 0.5 percent on year in the previous three months.
Growth was supported by an increase in the output of the biomedical manufacturing and electronics clusters, the MTI said.
The construction sector gained 0.6 percent on quarter and 2.7 percent on year after adding 3.5 percent on quarter and 4.5 percent on year in the three months prior.
The moderation in growth was largely due to a slowdown in private sector construction, the MTI said.
The services producing industries picked up 0.5 percent on quarter and 1.7 percent on year after shedding 4.8 percent on quarter and gaining 1.7 percent on year in the previous three months.
Growth was driven mainly by wholesale and retail trade – particularly strong motor vehicle sales – as well as transportation and storage.
by RTT Staff Writer
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