Small and medium-sized enterprises (SMEs) contributed around 50 percent of Singapore's 2014 Gross Domestic Product (GDP), said Minister of Trade and Industry Lim Hng Kiang.
Based on preliminary estimates which was released on Aug. 11, Singapore's economy grew by 1.8 percent year-on-year in the second quarter of 2015, slightly higher than the 1.7 percent based on advanced estimates, said the minister.
Lim said the key drivers of growth for the second quarter were the wholesale and retail trade and finance and insurance sectors.
Lim added that the wholesale and retail trade expanded by 5 percent, following the 5.3 percent increase in the first quarter of 2015, and was driven primarily by the wholesale trade segment.
The finance and insurance sector expanded 7.1 percent, following the 7.8 percent growth in the previous quarter.
The growth was largely underpinned by the "robust expansion" in the fund management segment.