Analysts upgraded their 2024 Singapore growth forecasts after the data release.
On a quarter-on-quarter basis and seasonally adjusted, the economy expanded 0.4 per cent, the most since the second quarter of 2023.
On a quarter-on-quarter basis and seasonally adjusted, the economy expanded 0.4 per cent, the most since the second quarter of 2023 and up from a revised 0.3 per cent gain in the first quarter of 2024. Along with construction that grew 4.3 per cent, the overall goods-producing industry posted an expansion of 1.3 per cent versus contraction of 0.7 per cent.
Second-quarter GDP growth was also aided by the group of clusters comprising the information and communications, finance and insurance and professional services sectors. Together, they grew by 5.6 per cent year on year, extending the 5.7 per cent growth in the first quarter. The key event risk on the horizon is the November presidential election in the United States, with a high probability of Donald Trump winning another term. Trump has pledged to slap a flat 60 per cent tariff on all imports from China and 10 per cent on shipments from the rest of the world.
The strength of global demand was also reflected in the recent surge in container and air cargo traffic at Singapore ports.
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