The Ministry of Trade and Industry (MTI) reported that Singapore's Gross Domestic Product (GDP) grew by 2.9 per cent in the second quarter of 2024, extending the 3.0 per cent growth in the previous quarter, in a press release on Jul. 12, 2024.

This was based on advance estimates, computed largely from data in the first two months of the quarter, April and May 2024.

On a quarter-on-quarter seasonally adjusted basis, the economy grew by 0.4 per cent, slightly faster than the 0.3 per cent expansion in the first quarter of 2024.

Growth

The group of sectors comprising the information & communications, finance and insurance, and professional service sectors grew by 5.6 per cent year-on-year in the second quarter of 2024.

Growth in the information & communications sector was bolstered by continued strong demand for IT and digital solutions.

The head offices and business representative offices segment led the growth in the professional services sector.

The finance and insurance sector grew due to the strong performance of the banking and activities auxiliary to financial service segments.

The group of services sectors (accommodation and food services, real estate, administrative and support services and other services) saw growth of 1.9 per cent year-on-year in the second quarter.

This was slower than the 3.0 per cent growth recorded in the previous quarter.

All sectors within the group, except the real estate and food services sectors, expanded during the quarter.

The accommodation sector saw growth due to a sustained recovery in international visitor arrivals.

The preliminary GDP estimates for the second quarter of 2024, including performance by sectors, sources of growth, inflation, employment and productivity, will be released in August 2024 in the Economic Survey of Singapore.

Top photo from Canva.