Singapore’s economy showed resilience in the second quarter of the year, expanding by 2.9% compared to the previous year, slightly exceeding forecasts.
This growth was largely propelled by a surge in construction, bolstered by increased public sector output, and robust performance in information, financial, and professional services sectors. Manufacturing also rebounded, contributing positively to the economic momentum.
Economy: 2.9% growth
The country’s decision in May to enhance its infrastructure to support artificial intelligence data centers reflects its proactive stance in regional competitiveness. The preliminary GDP figures, which exceeded expectations of 2.7% growth according to polls from Reuters and Bloomberg, underscore Singapore’s economic vitality.
Investor confidence has mirrored these positive developments, with Singapore’s benchmark Straits Times index marking a 10.2% increase year-to-date. As Singapore navigates through global economic shifts, its strong performance in key sectors continues to position it as a resilient and dynamic economy in the region.