Singapore’s GDP Grew by 0.7 Per Cent in the Second Quarter of 2023

14 July 2023. Based on advance estimates, the Singapore economy grew by 0.7 per cent on a year-on-year basis in the second quarter of 2023, faster than the 0.4 per cent growth recorded in the previous quarter. On a quarter-onquarter seasonally-adjusted basis, the Singapore economy expanded by 0.3 per cent, a turnaround from the 0.4 per cent contraction in the first quarter of 2023.

Sectoral Performance

The manufacturing sector contracted by 7.5 per cent year-on-year in the second quarter of 2023, a deterioration from the 5.3 per cent contraction in the previous quarter. The weak performance of the sector was due to output declines across all manufacturing clusters, except for the transport engineering cluster. On a quarter-on-quarter seasonally-adjusted basis, the sector shrank at a slower pace of 1.3 per cent in the second quarter, compared to the 4.5 per cent contraction in the preceding quarter.

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MINISTRY OF TRADE AND INDUSTRY
14 July 2023