Singapore raises its annual economic growth forecast
Singapore Newspaper (Reporter Cai Honda) On August 11, the Ministry of Trade and Industry of Singapore released the second quarter economic survey report data, showing that the country's gross domestic product (GDP) in the second quarter increased by 14.7% year-on-year, and the first half of the year increased by 7.7% year-on-year. .
The report pointed out that because the actual GDP growth rate in the first half of the year was better than expected, the Ministry of Trade and Industry raised its annual economic growth forecast from 4% to 6% to 6% to 7%.
Singapore’s GDP growth rate in the second quarter of this year was significantly better than that in the first quarter, mainly due to the low base in the same period last year. The Singapore government took measures to block the new crown virus from April 7 to June 1, 2020, and external demand fell sharply. This resulted in a 13.3% drop in GDP during the same period last year.
However, after seasonal adjustments, GDP in the second quarter of this year still fell 1.8% from the previous quarter, reversing the trend of 3.3% growth in the first quarter.
In absolute terms, the GDP in the second quarter of this year is still 0.6% lower than that in the second quarter of 2019, and the economy has not yet recovered to the level before the new crown pneumonia epidemic.
In terms of various fields, the output value of the manufacturing industry in the second quarter of this year increased by 17.7% year-on-year, continuing the trend of 11.4% year-on-year growth in the first quarter; the output value of the construction industry increased by 106.2% year-on-year, significantly reversing the 23.2% year-on-year decline in the first quarter; and the output value of the service industry. A year-on-year increase of 10.3%, reversing the 0.3% year-on-year decline in the first quarter.
In the second quarter of this year, total merchandise trade increased by 27.3%, higher than the 4.9% in the first quarter of this year.
Oil trade increased by 98.4%, reversing the trend of a 15.4% decline in the first quarter of this year and a 310% decline in 2020.
After falling 9.8% in the first quarter, the total trade in services increased by 9.3% year-on-year in the second quarter.
According to analysis by the Ministry of Trade and Industry of Singapore, when vaccination will soon reach 80% of the national population, the epidemic that has rebounded in the early stage has been controlled and stabilized, and there is no unexpected major change in the global economy, it is expected that the economy will continue to recover gradually in the second half of the year.