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File photo of the central business district (CBD) in Singapore. (Photo: CNA/Syamil Sapari) -

VOInews, Singapore : Singapore's economy grew 2.9 per cent in the second quarter of the year compared with the same period a year ago, according to advance estimates from the Ministry of Trade and Industry (MTI) on Friday (Jul 12).

This was slightly slower than the 3 per cent growth recorded in the first quarter of 2024.

On a quarter-on-quarter seasonally-adjusted basis, Singapore's economy expanded 0.4 per cent in the April to June period, slightly faster than the 0.3 per cent reported in the first quarter.

Advance gross domestic product estimates are computed largely from data gathered in the first two months of the quarter.

They are intended as an early indicator of GDP growth for the quarter and may be revised when more comprehensive data is available, the ministry said. The advance estimate for GDP in the first quarter was 2.7 per cent, but was revised to 3.0 per cent.

The manufacturing sector grew 0.5 per cent in the second quarter compared with a year ago, reversing a contraction of 1.7 per cent in the first quarter. 

"Growth in the sector was supported by output expansions across all manufacturing clusters, except for the biomedical manufacturing and precision engineering clusters," MTI said in its release.

On a quarter-on-quarter seasonally-adjusted basis, the sector expanded by 0.6 per cent, compared with the 5.3 per cent contraction of the first three months of the year.

The group of sectors comprising the information and communications, finance and insurance and professional services sectors recorded the biggest growth of 5.6 per cent in the second quarter, though it was a slight moderation from the 5.7 per cent expansion in the previous quarter.

In the information and communications sector, growth was supported by continued strong demand for IT and digital solutions. For the finance and insurance sector, activities supplementary to financial services, banking and fund management segments supported growth.

On a quarter-on-quarter seasonally adjusted basis, the group of sectors grew 1.4 per cent. It shrank 2.8 per cent in the previous quarter.

The construction sector extended growth, expanding by 4.3 per cent in the second quarter, versus 4.1 per cent in the first quarter. The growth was boosted by an increase in public sector construction output.

On a quarter-on-quarter seasonally adjusted basis, the construction sector was back in the black at 2.4 per cent, compared with a contraction of 1.9 per cent in the first quarter.

The group comprising accommodation and food services, real estate, administrative and support services and other services grew 1.9 per cent in the second quarter, down from 3 per cent in the first quarter.

Besides the real estate and food services sectors, all other sectors in the group expanded.

"In particular, growth in the accommodation and administrative & support services sectors was supported by the sustained recovery in international visitor arrivals," MTI said.

On a quarter-on-quarter seasonally-adjusted basis, the sectors in the group collectively contracted by 0.5 per cent, a pullback from the 2.3 per cent growth in the first quarter. A slew of concerts in the first three months of the year was said to have boosted consumer-facing industries that quarter.

The wholesale and retail trade, and transportation and storage sectors collectively expanded by 2.5 per cent from a year ago, moderating from the 3.9 per cent growth in the first quarter.

All sectors in the group recorded growth except for retail trade, which shrank because of a decline in sales volumes of wearing apparel and footwear, watches and jewellery and optical goods and books.

Growth in the transportation and storage sector was mainly supported by water and air transport, while wholesale trade growth was driven by machinery, equipment and supplies, and other segments.

On a quarter-on-quarter seasonally adjusted basis, the sectors expanded 0.7 per cent as a group, down from 2.7 per cent in the first quarter//CNA - VOI