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Singapore's economy grows 4.8% in Q2: MTI advance estimates

Singapore's economy grows 4.8% in Q2: MTI advance estimates

People wearing protective face masks cross the road at Pickering Street in Singapore on Sep 6, 2021. (File photo: CNA/Gaya Chandramohan)

SINGAPORE: Singapore’s economy grew 4.8 per cent year-on-year in the second quarter of 2022, according to advance estimates released by the Ministry of Trade and Industry (MTI) on Thursday (Jul 14).

This extends the revised 4.0 per cent growth recorded in the previous quarter.

On a quarter-on-quarter seasonally-adjusted basis, Singapore's gross domestic product (GDP) was unchanged in the second quarter, after posting an expansion of 0.9 per cent in the first quarter.

The advance GDP estimates for the second quarter of 2022 are computed largely from data in April and May. They are intended as an early indication of GDP growth in the quarter and are subject to revision when more comprehensive data becomes available, said MTI.

The preliminary GDP estimates for the second quarter of this year will be released by MTI in August.

SECTORS

The manufacturing sector expanded by 8 per cent year-on-year in the second quarter of 2022, similar to the 7.9 per cent growth in the previous quarter.

Growth during the quarter was supported by output expansions in all clusters, except for the biomedical manufacturing and chemicals clusters.

The electronics and precision engineering clusters continued to record strong output growth, driven by sustained global demand for semiconductors and semiconductor equipment respectively.

The construction sector grew by 3.8 per cent year-on-year in the second quarter, faster than the 1.8 per cent growth in the previous quarter. Construction activity picked up in the second quarter, supported in part by the relaxation of border restrictions on the inflow of migrant workers.

In absolute terms, the value-added of the construction sector remained below pre-pandemic levels due to continued labour shortages as the inflow of workers takes time to recover, said MTI.

Among the services sectors, the wholesale and retail trade as well as the transportation and storage sectors collectively grew by 2.8 per cent year-on-year in the second quarter.

All sectors within the group expanded during the quarter. Growth in the retail trade and transportation and storage sectors were supported in part by a low base last year as COVID-19 restrictions impacted activity.

The group of sectors comprising the information and communications, finance and insurance and professional services sectors expanded by 4.1 per cent on a year-on-year basis in the second quarter.

All sectors within the group posted expansions.

The remaining group of services sectors - accommodation and food services, real estate, administrative and support services and other services sectors - expanded by 8.2 per cent year-on-year in the second quarter, accelerating from the 3.5 per cent growth in the previous quarter.

Most sectors within the group expanded, with activities supported by the easing of COVID-19 measures, including border restrictions. Growth in the food services sector was bolstered by the removal of dine-in size limits at the end of April.

Source: CNA/fh/mi
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