In the second quarter of 2024, the Singapore economy expanded by 2.9 per cent

On a year-on-year basis, in the second quarter of 2024, the Singapore economy expanded by 2.9 per cent, extending the 3.0 per cent growth in the previous quarter. On a quarter-on-quarter seasonally-adjusted basis, the economy grew by 0.4 per cent, unchanged from the 0.4 per cent expansion in the first quarter. For the first half of 2024, Singapore’s GDP growth averaged 3.0 per cent year-on-year.  On a year-on-year basis, GDP growth in the second quarter was primarily driven by the wholesale trade, finance & insurance, and information & communications sectors. By contrast, the manufacturing sector shrank, largely due to a contraction in the biomedical manufacturing cluster caused by a sharp fall in pharmaceuticals output. The electronics cluster returned to growth, supported by strong demand for smartphone, PC and AI-related chips even as demand for automotive and industrial chips remained weak. Meanwhile, consumer-facing sectors such as the retail trade and food & beverage services sectors shrank, partly due to an increase in outbound travel by locals.