Singapore’s Ministry of Trade and Industry (MTI) has upgraded the city-state’s 2013 growth forecast from 1 – 3% to 2.5 – 3.5% on the back of strong Q2 2013 performance.
MTI announced that the city-state has grown 3.8% on a year-on-year (y-o-y) basis in Q2 2013. This represents the strongest growth in 3 years and an improvement from 0.2% y-o-y growth recorded in Q1 2013. On a quarter-on-quarter (q-o-q) annualized basis, the economy grew by 15.5%, expanding from 1.7% growth in Q1 2013. The growth was led by goods producing industries such as manufacturing and construction, which showed 27.5% growth in Q2 2013. The manufacturing sector demonstrated 32.1% q-o-q growth on a seasonally adjusted basis. In addition, wholesale and retail trade jumped from -2.6% to 22.1% q-o-q. The transportation and storage sector also grew significantly, from -9.8% in Q1 to 19.6% in Q2 2013.
This assuring figure buttresses investor confidence, especially those who are seeking to settle in Singapore for the long term, using the nation-state as a launching pad to the region.
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