Singapore's economy jumps 14.3% 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 — Singapore's economy surged 14.3% in the second quarter compared with the same period a year ago, when the country reported its worst economic slump on record due to the Covid-19 pandemic.

The latest gross domestic product estimate released by the Ministry of Trade and Industry slightly exceeded analysts' forecast. Economists polled by Reuters had expected a 14.2% year-on-year jump.

But compared with the previous quarter, the economy contracted by 2%, the ministry said in a Wednesday statement.

Singapore had experienced a resurgence in Covid cases, which prompted the government to tighten social-distancing measures in early-May. Authorities have started to gradually relax those restrictions last month as the number of local infections eases.

Since the beginning of last year, the country has confirmed more than 62,700 cases of the coronavirus and 36 deaths as of Tuesday, health ministry data showed.

The Southeast Asian country has one of the highest vaccination rates globally. More than 70% of its roughly 5.69 million population have received at least one dose of Covid-19 vaccine, and over 41% have been fully inoculated, according to CNBC calculations of health ministry data.

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