Singapore economy impressively jumped 3.7% in 2Q13

Manufacturing also rebounded as it grew 37.6%.

According to OCBC, based on advance estimates from the MTI, the Singapore economy grew 3.7% YoY in 2Q13, compared to 0.2% in 1Q13.

On a QoQ seasonally-adjusted annualized basis, the economy grew by 15.2%, faster than the 1.8% growth in the previous quarter. This also beat street’s expectations for a 8.1% expansion, based on a Bloomberg survey.

Heres' more from OCBC:

Manufacturing expanded by 37.6% QoQ, reversing the 12.7% contraction in 1Q13, mainly due to strong growth in the biomedical and electronics clusters.

Construction grew by 9.0% QoQ, moderating from the 14.3% expansion in 1Q13. Meanwhile, services rose 9.0% vs 8.1% in the previous quarter, primarily supported by a robust recovery in the wholesale & retail trade sector and the transportation & storage sector.

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