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Singapore's GDP is growing rapidly

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2014-02-16 22:16:02 - Singapore's economy in the II quarter grew faster than previously reported, due to the growth of industrial production, which was supported by the biomedical sector and the electronics sector.

Gross domestic product grew by 15.5% in April-June, and not 15.2% as previously reported. In I quarter the economy grew by only 0.2%, while preliminary estimates an increase of 1.8%.

Compared with the II quarter of the previous year the economy grew by 3.8 %, according to data from the Ministry of Trade and Industry.

The volume of production in the manufacturing industry increased by 0.2 % yoy, whereas the previously reported drop of 6.9%. Production in the services sector grew by 5.5%, the construction sector grew by 5.1 %.

The government also revised upwards the growth forecast for the whole year. Authorities expect a growth rate of 2.5-3.5 %, whereas previously expected to grow by 1-3%.

" While economic growth in advanced economies

was slightly weaker than expected, global macroeconomic conditions are expected to improve in the second half of the year," - said the agency.

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