The economy also grew 0.7 per cent year on year in the April-June period. Read more at straitstimes.com.
SINGAPORE - Singapore’s economy expanded by 0.3 per cent in the second quarter of 2023 from the previous three months, narrowly avoiding a technical recession or two consecutive quarters of contraction.
Growth was mainly weighed down by the trade-driven manufacturing sector, which contracted amid weakness in the global economy and the electronics down cycle, MTI said. MTI said the manufacturing sector contracted by 7.5 per cent year on year in the second quarter of 2023, a deterioration from the 5.3 per cent contraction in the previous quarter.
The construction sector grew by 6.6 per cent year on year in the second quarter, extending the 6.9 per cent growth in the first quarter.
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