Singapore’s economy grew at its fastest pace in nearly two years in the second quarter as manufacturing of pharmaceuticals and electronics rebounded.
The government said Friday that gross domestic product rose 3.7 percent from a year earlier in the April-June quarter. That was the fastest growth since the third quarter of 2011 when the trade-reliant economy expanded 5.7 percent.
The second quarter figure is an advance estimate based on activity in April and May, with updated data to be released in August.
Singapore’s growth is closely tied to overseas demand, making it a bellwether for global economic conditions.
Manufacturing grew 1.1 percent in the second quarter after contracting 6.9 percent in the previous quarter. Construction slowed to 5.6 percent growth from 6.8 percent in the first quarter.
Service industries, which have become more important to the economy after the opening of two casino-resorts in the city-state, expanded 5 percent.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.