Singapore publishes GDP projections for the second quarter of 2021

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People in protective masks walk along the Jubilee Bridge on the Marina Bay waterfront in Singapore on June 7, 2020.

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SINGAPORE – Singapore recorded its strongest economic growth in 11 years in the second quarter of 2021, recovering from its worst economic slump on record a year ago due to the Covid-19 pandemic.

The Southeast Asian economy grew by 14.3% in the second quarter compared to the same period last year, according to preliminary estimates by the Ministry of Trade and Industry. This performance slightly exceeded the jump forecast of 14.2% compared to the previous year, which was forecast by analysts in a Reuters survey.

“The strong growth was largely due to the low base in the second quarter of 2020, when GDP was due to the April 7th to April 1st.

Breaker refers to the partial lockdown in Singapore when large swaths of the economy were shut down to slow the spread of the coronavirus.

Compared to the previous quarter, however, the economy shrank by 2%, the ministry said. It added that gross domestic product in absolute terms remained 0.9% below the second quarter of 2019 from April to June this year – before the pandemic.

This is how the different sectors developed in Singapore in the second quarter:

  • The goods manufacturing industry increased by 22.2% compared to the previous year, but shrank by 2.5% compared to the first quarter.
  • The service industries grew by 9.8% compared to the previous year, but contracted by 1% compared to the first quarter.
  • The main manufacturing sector grew 18.5% year-over-year and contracted 1.8% compared to the first quarter.

Singapore saw a resurgence of Covid cases this year, prompting the government to tighten social distancing measures in early May. Authorities began to gradually relax these restrictions last month as the number of local infections subsides.

Since the beginning of last year, the country has confirmed more than 62,700 cases of the coronavirus and 36 deaths as of Tuesday, data from the Ministry of Health showed.

The Southeast Asian country has one of the highest vaccination rates in the world. More than 70% of the roughly 5.69 million residents have received at least one dose of the Covid-19 vaccine, and over 41% are fully vaccinated, according to CNBC calculations based on data from the Ministry of Health.