Singapore’s economic growth accelerated in the second quarter, with its gross domestic product rising 2.9 percent on-year, beating a Reuters poll forecast for 2.6 percent growth.
Quarter-on-quarter, the economy expanded by 2.2 percent on a seasonally-adjusted annualized basis, compared with a Reuters poll forecast for just 0.5 percent growth.
Manufacturing was a key driver of the growth, rising 8.1 percent on-year in the quarter.
That was supported by the electronics and precision engineering sectors amid strong global demand for semiconductors and semiconductor-related equipment, according to a statement from Singapore’s Ministry of Trade and Industry.
The forecast-beating outcome came despite contractions in the biomedical manufacturing, construction and accommodation and food services sectors.
Singapore’s MTI changed its GDP forecast range for the full year to 2 percent to 3 percent, from 1 percent to 3 percent.
A separate data release on Friday showed Singapore’s closely watched non-oil domestic exports (NODX) rose 2.7 percent on-year in the second quarter, slowing from the first quarter’s 15.3 percent growth.
A 13.3 percent increase in shipments of electronics products offset a 1.1 percent decrease in non-electronic exports, International Enterprise Singapore said in a statement.