BERNAMA – SINGAPORE GDP GROWTH IN Q2 2024 AT 2.9 PCT –

By Nur Ashikin Abdul Aziz

SINGAPORE, July 12 (Bernama) — Singapore’s economy grew by 2.9 per cent year-on-year (YoY) in the second quarter of 2024 (2Q24), following growth of 3.0 per cent in the previous quarter.

The economy grew by a seasonally adjusted 0.4% quarter-on-quarter, slightly faster than the 0.3% growth in the first quarter of 2024, according to preliminary estimates from the Ministry of Trade and Industry (MTI) released today.

The preliminary gross domestic product (GDP) estimates for Q2 2024 are based largely on data from the first two months of the quarter and are subject to change as more comprehensive data becomes available.

In terms of sectoral performance, MTI said the manufacturing sector grew by 0.5% year-on-year in Q2 2024, reversing a downtrend of 1.7% in the previous quarter.

“Growth in the sector was supported by manufacturing expansion in all manufacturing clusters except biomedical manufacturing and precision engineering,” the report said.

The construction sector grew by 4.3% year-on-year in Q2 2024, continuing growth of 4.1% in the previous quarter, supported by growth in public sector construction output.

Among the service sectors, wholesale and retail trade and transportation and warehousing combined grew by 2.5% year-on-year in Q2 2024, down from 3.9% growth in the previous quarter.

“All sectors in the group, except retail, recorded growth this quarter,” the ministry added.

The Information and Communications, Finance and Insurance, and Professional Services sectors grew by 5.6% year-on-year in Q2 2024, down slightly from the 5.7% growth in the previous quarter, with all sectors in the group growing during the quarter.

Meanwhile, the accommodation and food services, real estate, administrative and support services and other services sectors grew by 1.9% year-on-year in Q2 2024, slower than the 3.0% growth in the previous quarter.

“Within the group, all sectors except real estate and food services recorded growth during the quarter,” the ministry said.

MTI will release preliminary estimates of GDP for Q2 2024, covering performance by sector, sources of growth, inflation, employment and productivity, in the Singapore Economic Survey in August 2024.

— BERNAMA

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