China’s numbers may have captured most investor interest, but Singapore delivered the biggest surprise among the latest economic growth data from Asia.
Just days after the International Monetary Fund delivered a warning on global growth, the city-state announced Friday a speedy 15.2 percent quarter-on-quarter growth rate for the June quarter, marking itsfastest quarterly expansion in more than two years.
Singapore’s surge compared to the previous quarter’s 1.8 percent increase, and bettered all 12 estimates compiled by Bloomberg News in its survey of economists, which predicted a median expansion of 8.1 percent.
On a year-on-year basis, the Southeast Asian state’s economy grew by 3.7 percent, ahead of Bloomberg’s median forecast of 2 percent and in line with government predictions of a 1 to 3 percent GDP gain for 2013.
According to Singapore’s Ministry of Trade and Industry (MTI), manufacturing led the way, growing by 38 percent in the second quarter of 2013 compared to the previous quarter due to strong output from the biomedical manufacturing and electronics industries.