Minor bump ahead of robust full-year gain
■ Singapore’s economy expanded 14.3% yoy in 2Q21, the strongest growth in
over a decade dating back to 2Q10, but contracted 2.0% qoq SA.
■ The manufacturing sector declined -0.4% yoy in 2Q20, but has grown by over
10% yoy for the last 4 quarters, demonstrating its pandemic robustness.
■ With daily vaccination rates nearly doubling in recent weeks and strong yoy
recoveries, we reiterate our GDP growth forecast of 6.6% for 2021F.