12-08-2021, 02:55 PM
SINGAPORE'S official growth forecast for 2021 has been upgraded to a range of between 6 and 7 per cent, up from the earlier forecast range of 4 to 6 per cent, the Ministry of Trade and Industry (MTI) said on Wednesday.
Gross domestic product (GDP) grew 14.7 per cent year on year in the second quarter, better than preliminary estimates of 14.3 per cent, and improving upon Q1's 1.5 per cent growth, upon a low base in the year-ago period.
In absolute terms, however, GDP remained 0.6 per cent below the pre-pandemic level in the second quarter of 2019.
On a quarter-on-quarter seasonally-adjusted basis, Singapore's economy contracted 1.8 per cent in Q2, reversing from the growth of 3.3 per cent in Q1.
"Taking into account the GDP performance in the first quarter, the Singapore economy expanded by a better-than-expected 7.7 per cent on a year-on-year basis in the first half of the year," said permanent secretary for trade and industry Gabriel Lim.
Gross domestic product (GDP) grew 14.7 per cent year on year in the second quarter, better than preliminary estimates of 14.3 per cent, and improving upon Q1's 1.5 per cent growth, upon a low base in the year-ago period.
In absolute terms, however, GDP remained 0.6 per cent below the pre-pandemic level in the second quarter of 2019.
On a quarter-on-quarter seasonally-adjusted basis, Singapore's economy contracted 1.8 per cent in Q2, reversing from the growth of 3.3 per cent in Q1.
"Taking into account the GDP performance in the first quarter, the Singapore economy expanded by a better-than-expected 7.7 per cent on a year-on-year basis in the first half of the year," said permanent secretary for trade and industry Gabriel Lim.