Singapore's Economy Soared 14.3% in the Second Quarter of 2021

Singapore's economy grew by 14.3% in the second quarter of 2021 compared to the same period the previous year (year-on-year). This growth indicates that Singapore has recovered from recession, and is the highest since the second quarter of 2010.

Singapore's Ministry of Trade and Industry stated that the strong economic growth was largely due to the low base in the second quarter of 2020. At that time, the government implemented a lockdown, causing the economy to contract by 13.3% year-on-year.

Singapore's economy gradually improved thereafter, although it remained in a contraction phase. The Lion City's economic growth was recorded at -5.8% in the third quarter of 2020 and -2.4% in the fourth quarter of 2020. Positive growth was only recorded in the previous quarter, at 1.3%.

Singapore also accelerated its COVID-19 vaccination program, allowing it to begin living alongside the virus. As of July 12, 2021, 2.4 million people, or 41% of the population, had been fully vaccinated.

Despite this, Singapore's quarterly economic growth remained negative at 2%. This is because the goods-producing industries experienced a contraction of 2.5%, manufacturing 1.8%, and the services industry 1%.