SINGAPORE: Singapore Economy Grows 2.9% in Q2 2024, Singapore’s economy grew 2.9 per cent in the second quarter of the year compared with the same period a year ago, according to advance estimates from the Ministry of Trade and Industry (MTI) on Friday (Jul 12).
This was slightly slower than the 3 per cent growth recorded in the first quarter of 2024.
On a quarter-on-quarter seasonally-adjusted basis, Singapore’s economy expanded 0.4 per cent in the April to June period, slightly faster than the 0.3 per cent reported in the first quarter.
They are intended as an early indicator of GDP growth for the quarter and may be revised when more comprehensive data is available, the ministry said. The advance estimate for GDP in the first quarter was 2.7 per cent, but was revised to 3.0 per cent.
The manufacturing sector grew 0.5 per cent in the second quarter compared with a year ago, reversing a contraction of 1.7 per cent in the first quarter.
“Growth in the sector was supported by output expansions across all manufacturing clusters, except for the biomedical manufacturing and precision engineering clusters,” MTI said in its release.
On a quarter-on-quarter seasonally-adjusted basis, the sector expanded by 0.6 per cent, compared with the 5.3 per cent contraction of the first three months of the year.
The group of sectors comprising the information and communications, finance and insurance and professional services sectors recorded the biggest growth of 5.6 per cent in the second quarter, though it was a slight moderation from the 5.7 per cent expansion in the previous quarter.
In the information and communications sector, growth was supported by continued strong demand for IT and digital solutions. For the finance and insurance sector, activities supplementary to financial services, banking and fund management segments supported growth.
