Singapore economic growth accelerates in second quarter, beating forecasts

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Singapore`s economic growth accelerated in the second quarter, with its gross domestic product rising 2.
9 percent on-year, beating a Reuters poll forecast for 2.
Quarter-on-quarter, the economy expanded by 2.
2 percent on a seasonally-adjusted annualized basis, compared with a Reuters poll forecast for just 0.
Manufacturing was a key driver of the growth, rising 8.
1 percent on-year in the quarter.
That was supported by the electronics and precision engineering sectors amid strong global demand for semiconductors and semiconductor-related equipment, according to a statement from Singapore`s Ministry of Trade and Industry.
The forecast-beating outcome came despite contractions in the biomedical manufacturing, construction and accommodation and food services sectors.
Singapore`s MTI changed its GDP forecast range for the full year to 2 percent to 3 percent, from 1 percent to 3 percent.
A separate data release on Friday showed Singapore`s closely watched non-oil domestic exports (NODX) rose 2.
7 percent on-year in the second quarter, slowing from the first quarter`s 15.
3 percent increase in shipments of electronics products offset a 1.
1 percent decrease in non-electronic exports, International Enterprise Singapore said in a statement.

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