Singapore's Q2 GDP grew 2.9%, raising trade ministry's 2024 GDP growth forecast range to 2-3%.

Singapore's economy grew 2.9% in Q2, meeting expectations and prompting the trade ministry to raise its 2024 GDP growth forecast range to 2-3% from 1-3% previously. This growth was driven by sectors like wholesale trade, finance, and information & communication, while manufacturing shrank due to falling pharmaceuticals output. The Monetary Authority of Singapore anticipates the economy to strengthen in the remainder of 2024, with growth closer to its potential rate of 2-3%.