Singapore’s gross domestic product grew a seasonally adjusted 20.7 percent in the June quarter according to its Trade and Industry Ministry.
Manufacturing rose 49.5 percent, surging due to a spike in biomedical manufacturing and inventory re-stocking, said the ministry. Additionally, construction rose 32.7 percent and financial services recorded a 22.8 percent increase compared with the March quarter.
However, the ministry tempered enthusiasm by warning that growth is unlikely to be sustained without a pick up in US consumption.
“Private consumption, which has historically driven US economic growth, will likely remain weak,” the ministry said in a statement. “Without a turnaround in these demand-led indicators, any economic recovery in the second half of the year will probably be sluggish and modest.”
