Singapore’s economy expanded by 0.3 % in the second quarter of 2023 from the previous three months, narrowly avoiding a technical recession or two consecutive quarters of contraction, the Ministry of Trade and Industry (MTI) reported.
Singapore's gross domestic product also grew 0.7 % year on year in the April-June period. (Photo: straitstimes.com)
Singapore (VNA) ꧒– Singapore’s economy expanded by 0.3 % in the secondquarter of 2023 from the previous three months, narrowly avoiding a technicalrecession or two consecutive quarters of contraction, the Ministry ofTrade and Industry (MTI) reported.
The island-state's Gross Domestic Product(GDP) also grew 0.7 % year on year in the April-June period, according toadvance estimates. MTI said, growth in the second quarter was supportedby expansions in both public and private sector construction output with agrowth rate of 6.6% year on year and other sectors such as services, trade, wholesaleand retail trade, transport and storage, information and communication,finance and insurance and professional services, among others.
However, the ministry’s flash estimates showed the manufacturing sector contracted 7.5% year onyear in the second quarter, sharper than the 5.3 % drop in the previous quarter. The weak performance of the sector was due to output declines across allclusters, except for transport engineering.
💜 In the first quarter of 2023, the Singaporean economy grew by 0.4 % year on year, slowing from the 2.1 % expansion in the previousquarter. On a quarter-on-quarter seasonally adjusted basis, it shrank 0.4 %, areversal from the 0.1 % growth in the fourth quarter of 2022.
Economistsforecast that Singapore's growth in 2023 will reach between 1-1.5%./.
Addressing a conference on Vietnam investment in Singapore on July 17, as part of his ongoing official visit to the country, Foreign Minister Bui Thanh Son stressed investment cooperation has become a highlight in bilateral relations, actively contributing to the socio-economic development of both Vietnam and Singapore in recent times.
The Vietnamese Embassy in Singapore on July 17 held a ceremony to celebrate the 50th anniversary of the establishment of the Vietnam-Singapore diplomatic relations (1973-2023) and 10th anniversary of the bilateral strategic partnership (2013-2023).
Vietnamese Minister of Foreign Affairs Bui Thanh Son paid an official visit to Singapore from July 17-18 at the invitation of his Singaporean counterpart Vivian Balakrishnan.
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Coordinating Minister for Economic Affairs Airlangga Hartarto and EAEU Trade Minister Andrey Slepnev jointly declared the conclusion of FTA talks on the sidelines of the 28th St. Petersburg International Economic Forum (SPIEF 2025), according to the statement.
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Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
The proposed venue is located in the Chatuchak area of Bangkok, featuring eight public sites, including Krungthep Aphiwat Central Terminal and several nearby parks.
Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
Prensa Latina's recent article on Vietnam’s assurance of smooth and effective transition to a leaner structure highlighted Prime Minister Pham Minh Chinh’s latest directions on implementing 28 resolutions regarding the decentralisation and delegation of authority.
The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
Singapore's gross domestic product also grew 0.7 % year on year in the April-June period. (Photo: straitstimes.com) 
