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Dow Jones Newswires: Singapore’s economy grows 4.4% on year in second quarter

Singapore’s economy expanded at a faster pace in the second quarter than in the prior quarter, on quicker growth in the goods- and services-producing industries.

Gross domestic product expanded 4.4% in the April-June period from a year earlier, according to data released by the Ministry of Trade and Industry on Thursday. That compared with the advance estimate of 4.8% growth and the 3.8% expansion recorded in the first quarter.

Goods-producing industries expanded 5.3% on year in the second quarter, quickening from the prior quarter’s 5.0% growth. Services-producing industries expanded 4.8% on year in the second quarter, compared with the prior quarter’s 4.7% growth.

Manufacturing grew 5.7% on year in the second quarter, up from 5.5% in the first quarter, while construction grew 3.3% on year in the second quarter versus 2.4% in the prior quarter.

On a quarter-over-quarter seasonally adjusted basis, GDP contracted 0.2% in the second quarter, compared with the 0.8% expansion in the first quarter.

Taking into account the performance of Singapore’s economy in the first half of this year as well as the latest global and domestic economic developments, the MTI has narrowed the GDP growth forecast for 2022 to 3.0% to 4.0% from 3.0% to 5.0% previously, it said in a statement.

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