Singapore economy stumbles, but Q2 GDP pace fastest in a decade

Singapore's strong growth was largely due to the low base in the second quarter of 2020. - ST

SINGAPORE (Reuters): Singapore's economy lost momentum in the second quarter after battling new outbreaks of Covid-19 but expanded at its fastest annual pace in just over a decade, as the city-state continued to rebound from last year's coronavirus-induced plunge.

The economy grew 14.3% in the second quarter from a year earlier, preliminary government data showed on Wednesday (July 14), against economists' forecast in a Reuters poll of 14.2%. GDP had fallen a record 13.3% year-on-year in the second quarter of 2020. The country was under a lockdown for most of that period to curb the spread of the coronavirus.