Singapore’s GDP jumps by 2.2% in Q2

The economy grew by a slightly faster pace.

The city-state’s gross domestic product showed signs of life as it grew 2.2% in the second quarter, slightly higher than the 2.1% growth the previous quarter.

According to a report by OCBC, manufacturing growth slowed down considerably to 0.3% compared to an 18.4% growth in 1Q.

Construction growth also proved sluggish, slowing to 0.6% compared to 3.5% in the first quarter.

“Services growth at least reverted to positive territory at 0.5%, from -4.8% in 1Q16,” OCBC noted.

Meanwhile, OCBC added that the MTI will be releasing more details about the economic performance in August.

“Meanwhile, recall that the MTI maintained its GDP growth forecast for 2016 at 1.0-3.0% in its earlier 1Q16 GDP release around end May,” the report said.