Singapore's economy grew 3.8% in second quarter

The Singapore Central Business District (CBD) skyline by night on Sept 22, 2011, showing the skyscrapers which house offices and banks on the edge of the Marina Bay. The Singapore economy expanded by 3.8 per cent in the second quarter from the s
The Singapore Central Business District (CBD) skyline by night on Sept 22, 2011, showing the skyscrapers which house offices and banks on the edge of the Marina Bay. The Singapore economy expanded by 3.8 per cent in the second quarter from the same period a year ago, a more robust rise than the 0.2 per cent growth recorded in the first three months of the year. -- ST FILE  PHOTO: ALPHONSUS CHERN

The Singapore economy expanded by 3.8 per cent in the second quarter from the same period a year ago, a more robust rise than the 0.2 per cent growth recorded in the first three months of the year.

Growth was mainly supported by the biomedical manufacturing and electronics clusters, the Ministry of Trade and Industry said Monday.

Manufacturing also provided a boost, reversing earlier declines to grow by 0.2 per cent from the same period last year.

Signs show that stronger growth may continue for the rest of the year, added MTI.

While growth in key advanced economies came in slightly weaker than expected in the first half of the year, improvements in key leading indicators suggest a slight pickup in global growth over the next two quarters, the MTI said.

On a quarter-on-quarter basis, the economy grew 15.5 per cent, due to a strong pickup in manufacturing, wholesale and retail trade, transportation and storage and finance and insurance.

The MTI said the economy is now expected to grow by 2.5 to 3.5 per cent this year, up from an earlier forecast of a 1 to 3 per cent expansion. Prime Minister Lee Hsien Loong had earlier announced the revised growth forecast.