Singapore’s economy grew 0.7% in Q2, faster than 0.4% in previous quarter: Advance estimates

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. Growth was supported by expansions in both public and private sector construction output.

On a quarter-on-quarter seasonally-adjusted basis, the sector expanded by 2.6 per cent in the second quarter, accelerating from the 0.3 per cent growth in the preceding quarter.

Among the services sectors, the wholesale and retail trade as well as transportation and storage sectors collectively grew by 2.6 per cent year-on-year in the second quarter, a turnaround from the 0.7 per cent contraction in the previous quarter.

All sectors within the group expanded during the quarter.

“Growth in the transportation and storage sector was mainly supported by the water and air transport segments, while that in the wholesale trade sector was driven by the machinery, equipment & supplies and fuels and chemicals segments,” said MTI.

On a quarter-on-quarter seasonally-adjusted basis, the sectors as a group expanded by 3.4 per cent in the second quarter, rebounding from the 0.5 per cent contraction in the preceding quarter.

The group of sectors comprising the information and communications, finance and insurance as well as professional services sectors grew by 1.5 per cent year-on-year in the second quarter, extending the 1.3 per cent growth in the previous quarter.