Economy grows by 4.8% YoY in Q2

However, growth on a quarter-on-quarter basis remained flat. 

Singapore's gross domestic product (GDP) grew 4.8% YoY in the second quarter of 2022, data from the Ministry of Trade and Industry (MTI) showed.

This is a bigger expansion from the previous quarter's YoY growth of 4.0%.

However, on a quarter-on-quarter seasonally-adjusted basis, GDP was unchanged after posting an expansion of 0.9 per cent in Q122.

The group of accommodation & food services, real estate, administrative & support services and other services sectors posted the biggest expansion in Q2 at 8.2% YoY.

"Most sectors within the group expanded, with activities supported by the easing of domestic and border restrictions. For example, growth in the food services sector was bolstered by the removal of dine-in group size limits in end-April," the MTI said.

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"Collectively, the value added of this group of sectors remained 2.7 per cent below its pre-pandemic level," the ministry added.

The other sector which posted a big expansion was manufacturing (8.0% YoY).

Growth in the sector was supported by "output expansions in all clusters, except for the biomedical manufacturing and chemicals clusters," said MTI.