SINGAPORE: Singapore´s trade-reliant economy grew much faster than initially estimated in the second quarter and more than analysts had expected, with a rebound in services suggesting a broader and more balanced recovery after a stumble early in the year.
The city-state´s economy grew 2.2 percent in April-June on an annualised and seasonally adjusted basis, rebounding from a revised 2.1 percent contraction in the preceding quarter, data showed on Friday.
The reading was far stronger than the government´s advance estimate last month of 0.4 percent growth and well above the highest estimate in a Reuters economist poll.
Analysts had expected the final reading to pick up only slightly to 0.5 percent.
"For the second half of this year, we should see services momentum improving in line with the greater confidence about global growth prospects and domestic sentiments," said Selena Ling, head of research and strategy for OCBC Bank.
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