FX.co ★ Singapore GDP Climbs 2.9% On Year In Q2

Singapore's gross domestic product (GDP) increased by 2.9 percent year-over-year in the second quarter of 2024, according to preliminary data from the Ministry of Trade and Industry released on Friday.

This growth surpassed the anticipated rise of 2.7 percent, following a revised 3.0 percent gain in the previous quarter, which was initially reported as 2.7 percent.

On a seasonally adjusted quarterly basis, GDP grew by 0.4 percent, outperforming forecasts of 0.3 percent. This follows an upward revision from 0.1 percent in the first quarter.

The manufacturing sector reported a quarter-on-quarter increase of 0.6 percent and a year-over-year growth of 0.5 percent. The construction sector saw a quarterly rise of 2.4 percent and a 4.3 percent year-over-year increase.

The service-producing industries remained unchanged on a quarterly basis but recorded a 3.3 percent increase year-over-year.