Singapore’s economy roars back with a 14.3% surge in the second quarter

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Singapore’s economy roars back with a 14.3% surge in the second quarter from a year ago

• Singapore’s economy surged 14.3% in the second quarter of 2021 compared with the same period a year ago, the Ministry of Trade and Industry said in a statement.
  
• But compared with the previous quarter, the economy contracted by 2%, the ministry said.
  
• Singapore had experienced a resurgence in Covid cases, which prompted the government to tighten social-distancing measures in early-May.
  

SINGAPORE — Singapore recorded its strongest economic growth in 11 years in the second quarter of 2021, rebounding from its worst economic slump on record a year ago due to the Covid-19 pandemic.


The Southeast Asian economy surged 14.3% in the second quarter compared with the same period a year ago, according to advance estimates by the Ministry of Trade and Industry. That performance slightly exceeded the 14.2% year-on-year jump forecast by analysts in a Reuters poll.

“The strong growth was largely due to the low base in the second quarter of 2020 when GDP fell by 13.3 per cent due to the Circuit Breaker (CB) measures implemented from 7 April to 1 June 2020,” the ministry said in a Wednesday statement.

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