Dow Jones Newswires: Singapore’s economy grows a strong 4.8% in second quarter

SINGAPORE — Singapore’s economy expanded at a faster pace in the second quarter of 2022 than in the prior quarter, mainly owing to stronger growth in both goods- and services-producing industries.

Gross domestic product expanded 4.8% in the April-June period from a year earlier, according to advance estimates released by the Ministry of Trade and Industry on Thursday. That missed the 5.2% growth expected by seven economists in a Wall Street Journal survey and compares with 4.0% growth in the first quarter.

Goods-producing industries expanded 7.3% in the second quarter, accelerating from the prior quarter’s 6.9% growth. Manufacturing grew 8.0% in the second quarter, up from 7.9% expansion in the first quarter.

Construction grew 3.8% in the second quarter, accelerating from 1.8% expansion in the first quarter. Services-producing industries expanded 4.7%, compared with 4.3% in the previous quarter.

On a quarter-over-quarter seasonally adjusted basis, GDP was unchanged in the second quarter, the advance estimates showed. That missed the 0.6% expansion expected by the WSJ survey and compares with 0.9% expansion in the first quarter.

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