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Singapore's economy expanded 14.7% year over year in the second quarter of 2021, compared with an advance estimate of a 14.2% expansion and a final 1.5% gain in the first quarter. The solid growth rate was due to easy comparison when Circuit Breaker measures launched, per tradingeconomics.
Marked improvement in the manufacturing sector supported the overall expansion in the April to June period. The sector, as a whole, grew 17.7% year over year. The constructor sector, which grew 106.2% year over year, led by an expansion of public and private projects, was also a big growth driver.
The retail trade sector shot up 50.7%, while the transportation and storage sector jumped by 20.9% year over year. The accommodation sector jumped 13.2% while the food and beverage services sector shot up 36.7%.
The even more good news is that Singapore’s economy is expected to expand between 6% and 7% this year, the trade and industry ministry said, as quoted on CNBC. That compared favorably with the previous official forecast range of 4% to 6%.
With the COVID-19 situation in Singapore stabilizing and the country's vaccination programme strengthening, "Singapore's economy is expected to continue to see a gradual recovery in the second half of the year, supported in large part by outward-oriented sectors", according to the ministry, as quoted on channelnewsasia.
The gradual easing of domestic and border restrictions should support the recovery of Singapore's consumer-facing sectors and ease labor shortages in sectors that are dependent on migrant workers, the article indicated.
Marked improvement in the manufacturing sector supported the overall expansion in the April to June period. The sector, as a whole, grew 17.7% year over year. The constructor sector, which grew 106.2% year over year, led by an expansion of public and private projects, was also a big growth driver.
The retail trade sector shot up 50.7%, while the transportation and storage sector jumped by 20.9% year over year. The accommodation sector jumped 13.2% while the food and beverage services sector shot up 36.7%.
ETF in Focus
Against this backdrop, below we highlight the key Singapore ETF that could be under watch now. The fund has a Zacks Rank #2 (Buy).
The underlying MSCI Singapore 25/50 Index is designed to measure the performance of the large and mid-cap segments of the Singapore market. The fund is heavy on financials (49.34%), Real Estate (20.47%) and Industrials (11.82%). The fund charges 51 bps in fees (read: Is Singapore ETF in Trouble Amid Surging Coronavirus Cases?).
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Time for Singapore ETFs?
Singapore's economy expanded 14.7% year over year in the second quarter of 2021, compared with an advance estimate of a 14.2% expansion and a final 1.5% gain in the first quarter. The solid growth rate was due to easy comparison when Circuit Breaker measures launched, per tradingeconomics.
Marked improvement in the manufacturing sector supported the overall expansion in the April to June period. The sector, as a whole, grew 17.7% year over year. The constructor sector, which grew 106.2% year over year, led by an expansion of public and private projects, was also a big growth driver.
The retail trade sector shot up 50.7%, while the transportation and storage sector jumped by 20.9% year over year. The accommodation sector jumped 13.2% while the food and beverage services sector shot up 36.7%.
The even more good news is that Singapore’s economy is expected to expand between 6% and 7% this year, the trade and industry ministry said, as quoted on CNBC. That compared favorably with the previous official forecast range of 4% to 6%.
With the COVID-19 situation in Singapore stabilizing and the country's vaccination programme strengthening, "Singapore's economy is expected to continue to see a gradual recovery in the second half of the year, supported in large part by outward-oriented sectors", according to the ministry, as quoted on channelnewsasia.
The gradual easing of domestic and border restrictions should support the recovery of Singapore's consumer-facing sectors and ease labor shortages in sectors that are dependent on migrant workers, the article indicated.
Marked improvement in the manufacturing sector supported the overall expansion in the April to June period. The sector, as a whole, grew 17.7% year over year. The constructor sector, which grew 106.2% year over year, led by an expansion of public and private projects, was also a big growth driver.
The retail trade sector shot up 50.7%, while the transportation and storage sector jumped by 20.9% year over year. The accommodation sector jumped 13.2% while the food and beverage services sector shot up 36.7%.
ETF in Focus
Against this backdrop, below we highlight the key Singapore ETF that could be under watch now. The fund has a Zacks Rank #2 (Buy).
iShares MSCI Singapore ETF (EWS - Free Report)
The underlying MSCI Singapore 25/50 Index is designed to measure the performance of the large and mid-cap segments of the Singapore market. The fund is heavy on financials (49.34%), Real Estate (20.47%) and Industrials (11.82%). The fund charges 51 bps in fees (read: Is Singapore ETF in Trouble Amid Surging Coronavirus Cases?).