Singapore’s Q2 GDP up 2.5%

Singapore’s Ministry of Trade and Industry announced on Friday the island-nation’s GDP grew 2.5 percent year-on-year in the second quarter of this year, the same pace of growth as in the previous quarter. On a quarter-onquarter seasonally adjusted annualized basis, the economy expanded 0.4 percent in the period, compared to a 1.9-percent decrease in the preceding quarter. According to the ministry, Singapore’s manufacturing sector saw a year-on-year rise of 8 percent in the period, compared to an 8.5 percent rise in the first quarter of 2017. The growth was supported mainly by the electronics and precision engineering clusters, which saw robust expansions on the back of strong external demand for semiconductors and semiconductor manufacturing equipment respectively.