Singapore's economy grows by 11.7% in Q2

Singapore’s economy grows by 11.7% in Q2

Singapore's GDP (Gross Domestic Product) grew by 11.7% in the second quarter compared with the same period of last year as the country overcame the impact of SARS disease and due to the continuing pick-up in global economic activity. Between April and June Singapore's trade-oriented economy also increased by 9.1% compared with the first quarter of this year, according to preliminary data released by the Ministry of Trade and Industry. Second quarter GDP was affected by the manufacturing and service industries, which soared by 18% and 11% year-on-year, respectively. On the other hand, construction sector shrank by 4.5% in the second quarter, following the 2% rise in the first quarter. For 2004, the government forecasts GDP to grow by between 5.5-7.5%. Singapore's economic activity heavily relies on trade with the US, EU and China.