People in protective masks walk along the Jubilee Bridge on the Marina Bay waterfront in Singapore on June 7, 2020.
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SINGAPORE – Singapore’s economy rose 14.3% in the second quarter compared to the same period last year when the country experienced its worst economic slump on record due to the Covid-19 pandemic.
The latest estimate of the gross domestic product published by the Ministry of Trade and Industry slightly exceeded analysts’ forecasts. Economists polled by Reuters had expected an increase of 14.2% over the previous year.
Compared to the previous quarter, however, the economy shrank by 2%, the ministry announced on Wednesday.
Singapore had seen a resurgence in Covid cases, prompting the government to tighten social distancing measures in early May. Authorities began to gradually relax these restrictions last month as the number of local infections subsides.
Since the beginning of last year, the country has confirmed more than 62,700 cases of the coronavirus and 36 deaths as of Tuesday, data from the Ministry of Health showed.
The Southeast Asian country has one of the highest vaccination rates in the world. More than 70% of the roughly 5.69 million residents have received at least one dose of the Covid-19 vaccine, and over 41% are fully vaccinated, according to CNBC calculations based on data from the Ministry of Health.
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