Singapore news: Singapore’s Ministry of Trade and Industry (MTI) released data on the 14th showing that the country’s economy grew 4.3% year-on-year in the second quarter, higher than the 4.1% in the first quarter of this year; seasonally adjusted, the second quarter expanded by 1.4% month-on-month, reversing the 0.5% month-on-month contraction in the first quarter.
By industry, the manufacturing industry grew 5.5% year-on-year in the second quarter, higher than 4.4% in the first quarter. Except for the chemical and general manufacturing clusters, the output of the remaining manufacturing clusters expanded. Thanks to the increase in public sector construction output, the construction industry grew 4.9% year-on-year in the second quarter, slightly lower than 5.1% in the first quarter. Seasonally adjusted, the construction industry grew 4.4% month-on-month in the second quarter, reversing the trend of a 1.8% month-on-month contraction in the first quarter.
The service industry grew 4.1% year-on-year in the second quarter, higher than 3.7% in the first quarter. Among them, wholesale and retail trade, transportation and warehousing industries grew 4.8% year-on-year, and information and communications, financial insurance and professional services industries grew 3.8% year-on-year, all of which grew slightly higher than the first quarter.
Singapore’s Ministry of Trade and Industry estimates that the country’s gross domestic product (GDP) grew 4.2% year-on-year in the first half of this year. In the future, as the US tariff policy is still unclear, there will still be significant uncertainty and downside risks in the global economy in the second half of this year.
Singapore’s Asia News Network quoted analysts on the 14th as saying that due to the impact of global tariff policies and weak business confidence, the country’s external demand and economic growth may face downward pressure. According to Reuters, Singapore’s Minister of Trade and Industry Gan Kim Yong said at a press conference on the 10th of this month that the country’s economy will remain in good shape in the first half of 2025, but economic growth may slow down in the next 6 to 12 months.