SINGAPORE: Singapore’s trade-reliant economy grew in the second quarter from the quarter before, dodging a recession, thanks to solid gains in the manufacturing sector.
The economy expanded 0.4 percent in the April-June period from the previous three months on an annualised and seasonally adjusted basis, the Ministry of Trade and Industry said on Friday in a statement. Revised data showed the economy had suffered a deeper contraction of 1.9 percent in the January-March quarter, versus the previous estimate of a 1.3 percent slump. Economists polled by Reuters had given a median forecast of 1.1 percent quarter-on-quarter growth for April-June. Gross domestic product grew 2.5 percent in the second quarter from a year earlier, compared to the median forecast of a 2.8 percent expansion in the survey.