According to preliminary estimates released by the Ministry of Trade and Industry ( MTI ) on Friday ( July 12 ), Singapore’s economy increased 2.9 % in the second quarter of the year compared to the same period a year earlier.
This increased only somewhat over the 3 % rise seen in the second quarter of 2024.
On a quarter-on-quarter seasonally-adjusted base, Singapore’s economy , expanded 0.4 per share in the April to June time, somewhat faster than the 0.3 per share reported in the first quarter.
Estimates of the advance gross domestic product are mostly based on data collected during the first two months of the quarter.
According to the ministry, they are intended to serve as a preliminary sign of quarter-long GDP growth and may be updated as more detailed data becomes available. The initial GDP estimate for the first quarter was 2.7 %, but it was later revised to 3.0 %.