Singapore
By Tang See Kit 14 Jul 2021 08:01AM (Updated: 14 Jul 2021 08:10AM )
SINGAPORE: The Singapore economy grew 14.3 per cent year-on-year in the second quarter of this year, largely due to a low base in the same period last year when a COVID-19 "circuit breaker" was implemented, the Ministry of Trade and Industry (MTI) said on Wednesday (Jul 14).
The second-quarter advance estimates, which is computed largely from data gathered in the first two months of the quarter, was above the growth of 1.3 per cent in the preceding quarter.
A strong GDP figure was largely expected for the second quarter, given the low base from last year when the circuit breaker quelled nearly all economic activities from Apr 7 to Jun 1, resulting in the economy contracting by 13.3 per cent during the same period last year.
In absolute terms, Singapore’s gross domestic product (GDP) in the second quarter of this year remained 0.9 per cent below its pre-pandemic level in the second quarter of 2019, MTI said.
On a quarter-on-quarter seasonally adjusted basis, the economy contracted by 2 per cent in the second quarter, a reversal from the 3.1 per cent growth in the preceding quarter.
Private-sector economists polled by the central bank in a recent quarterly survey had pencilled in year-on-year growth of 15 per cent for the April to June quarter this year.
The Singapore economy is projected to gradually recover this year, after shrinking 5.4 per cent last year in the country’s worst recession since independence.
The official growth forecast range for 2021 remains at 4 per cent to 6 per cent for now , with a review planned for next month.
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Source: CNA/sk
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Singapore economy grows 14.3% in Q2; strong growth largely due to low base a year ago: MTI
A view of the city skyline in Singapore January 25, 2021. (Photo: REUTERS/Edgar Su)By Tang See Kit 14 Jul 2021 08:01AM (Updated: 14 Jul 2021 08:10AM )
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SINGAPORE: The Singapore economy grew 14.3 per cent year-on-year in the second quarter of this year, largely due to a low base in the same period last year when a COVID-19 "circuit breaker" was implemented, the Ministry of Trade and Industry (MTI) said on Wednesday (Jul 14).
The second-quarter advance estimates, which is computed largely from data gathered in the first two months of the quarter, was above the growth of 1.3 per cent in the preceding quarter.
A strong GDP figure was largely expected for the second quarter, given the low base from last year when the circuit breaker quelled nearly all economic activities from Apr 7 to Jun 1, resulting in the economy contracting by 13.3 per cent during the same period last year.
In absolute terms, Singapore’s gross domestic product (GDP) in the second quarter of this year remained 0.9 per cent below its pre-pandemic level in the second quarter of 2019, MTI said.
On a quarter-on-quarter seasonally adjusted basis, the economy contracted by 2 per cent in the second quarter, a reversal from the 3.1 per cent growth in the preceding quarter.
Private-sector economists polled by the central bank in a recent quarterly survey had pencilled in year-on-year growth of 15 per cent for the April to June quarter this year.
READ: Commentary: Contours of Singapore’s post-COVID economy are coming into sharper focus
The Singapore economy is projected to gradually recover this year, after shrinking 5.4 per cent last year in the country’s worst recession since independence.
The official growth forecast range for 2021 remains at 4 per cent to 6 per cent for now , with a review planned for next month.
BOOKMARK THIS: Our comprehensive coverage of the COVID-19 pandemic and its developments
Download our app or subscribe to our Telegram channel for the latest updates on the coronavirus outbreak: https://cna.asia/telegram
Source: CNA/sk
Continue reading...