The strong growth was largely due to the low base in the second quarter of 2020 when GDP fell by 13.3 percent due to the circuit breaker measures implemented from April 7 to June 1 last year to contain the spread of COVID-19 in the country.
In absolute terms, GDP in the second quarter of 2021 remained 0.9 percent below its pre-pandemic level in the second quarter of 2019, the ministry added.
On a seasonally-adjusted basis, Singapore's economy declined 2 percent quarter on quarter in the second quarter of 2021, compared to a 3.1 percent expansion in the previous quarter.
In a breakdown, Singapore's manufacturing sector expanded by 18.5 percent year on year but contracted by 1.8 percent quarter on quarter in the second quarter. The construction sector skyrocketed by 98.8 percent year on year but contracted by 11 percent quarter on quarter. The services producing industries expanded by 9.8 percent year on year but contracted by 1 percent quarter on quarter.
The advance GDP estimates released on Wednesday were computed largely with data in the first two months of the quarter, according to the ministry. These figures are intended as an early indication of the GDP growth in the quarter, and are subject to revision when more comprehensive data become available.
The ministry said it will release the preliminary GDP figures for the second quarter in August.
Latest comments