Singapore's economy expanded more than initially estimated in the second quarter from a year ago (Photo: Xinhua/VNA)Singapore's economy expanded more than initially estimated in the second quarter from a year ago, according to the Ministry of Trade and Industry (MTI), and the government upgraded its growth forecast for the full year, according to Reuters news agency.
Gross domestic product (GDP) grew 14.7 percent year-on-year in the second quarter, the MTI said, higher than the 14.3 percent growth seen in the government's advance estimate.
Analysts had expected a 14.2 percent increase, according to a Reuters poll.
On a quarter-on-quarter seasonally-adjusted basis, the economy contracted 1.8 percent in the second quarter.
The MTI said it now expects 2021 GDP growth at 6-7 percent, versus its prior estimate for an expansion of 4-6 percent.
Experts forecast that the recovery momentum will be clearer from August as most people will be fully vaccinated. Recovery will be further seen in manufacturing and services, as well as construction./.