Construction, on the other hand, expanded by 6.6%, extending the 6.9% growth in the 1Q2023. Growth during the quarter was supported by expansions in both the public and private sector construction output. Q-o-q, the sector expanded by 2.6%, accelerating from last quarter’s 0.3% growth.
Singapore’s economy grew by 0.7% on a y-o-y basis in the 2Q2023 according to advance estimates released by the Ministry of Trade and Industry.
Overall gross domestic product (GDP) was dragged by the manufacturing sector, which contracted by 7.5% on a y-o-y basis. The sector’s weak performance was due to output declines across all manufacturing clusters except for transport engineering. On a q-o-q seasonally adjusted basis, the sector shrank at a slower pace of 1.3% compared to the 4.5% contraction in the quarter before.
