The city state's economy still showed the best growth in more than a decade on a year-on-year basis, as many economies have done because of last year's coronavirus-induced slump.
GDP had fallen a record 13.3% year-on-year in the second quarter of 2020. The country was under a lockdown for most of that period to curb the spread of the coronavirus. The manufacturing sector grew 18.5% on year, helped by robust global demand for semiconductors and semiconductor equipment. The construction sector expanded 98.8% compared with a year earlier when most construction activities stopped due to the lockdown.
Selena Ling at OCBC Bank said the quarter-on-quarter contraction was a temporary setback. She expects the economy to return to pre-COVID-19 levels by this year-end or early 2022.
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Source: CNBC - 🏆 12. / 72 Read more »