Singapore Q2 GDP up 14.7%, 2021 forecast raised
SINGAPORE, Aug 11 (Reuters) - Singapore's economy expanded more than initially estimated in the second quarter from a year ago, official data showed on Wednesday, and the government upgraded its growth forecast for the full year.
Gross domestic product (GDP) grew 14.7% year-on-year in the second quarter, the Ministry of Trade and Industry (MTI) said, higher than the 14.3% growth seen in the government's advance estimate.
Analysts had expected a 14.2% increase, according to a Reuters poll.
On a quarter-on-quarter seasonally-adjusted basis, the economy contracted 1.8% in the second quarter.
The MTI said it now expects 2021 GDP growth at 6% to 7%, versus its prior estimate for an expansion of 4-6%. (Reporting by Aradhana Aravindan and Chen Lin in Singapore; Editing by Sam Holmes)
