Singapore’s economy grew by 4.3% year-on-year in the second quarter, outperforming market expectations. The Ministry of Trade and Industry cautioned that, due to the uncertainty of US tariff policies, there are still significant uncertainties and downside risks for the global economy in the second half of this year.
According to a report by Lianhe Zaobao, preliminary estimates released by the Ministry of Trade and Industry on the 14th show that, after seasonal adjustment, Singapore’s economy expanded by 1.4% quarter-on-quarter in the second quarter, reversing a first-quarter contraction of 0.5%.
According to data compiled by Bloomberg, economists had a median forecast for Singapore’s second-quarter economic performance of 3.5% year-on-year growth and 0.8% quarter-on-quarter growth.
The Ministry of Trade and Industry estimates that, for the first half of this year, Singapore’s economy grew by an average of 4.2% year-on-year.
The Ministry of Trade and Industry pointed out that, due to the uncertainty of US tariff policies, there are still significant uncertainties and downside risks for the global economy in the second half of this year.
In the second quarter, the manufacturing, construction, and services sectors expanded by 5.5%, 4.9%, and 4.1% year-on-year respectively. After seasonal adjustment, they grew by 0.1%, 4.4%, and 1.4% quarter-on-quarter.