The Ministry of Trade and Industry (MIT) revised gross domestic product (GDP) for the whole year to 2-3 percent from the previous prediction of 1-3 percent.

A finance district in Singapore. (Photo for illustration) 

The latest data of MIT showed that Singapore’s economy grew by 2.9 percent in the second quarter, higher than the growth of 2.5 percent in the previous quarter.

The ministry said the Singaporean economy achieved a GDP growth rate of 2.7 percent in the first half of the year due to the recovery of the manufacturing sector, and forecasted this year’s growth will reach around 2.5 percent.

However, MIT is also concerned about risks which might negatively affect the global economy in 2017 such as increasing protectionism, uncertain policies of the Donald Trump administration and consequences of Brexit negotiations.

Source: VNA