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Singapore’s GDP expanded by 2.6 percent for Q3

Growth which was supported by the manufacturing and services sectors, was slightly lower compared to the second quarter, which expanded by 4.1 percent.

Angela Teng @AngelaTeng_IG
Financial Writer, Singapore

2018-10-12T02:05:00+0100

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The Singapore economy grew 2.6 percent year-on-year in the third quarter, advance estimates from the Ministry of Trade and Industry Singapore showed on Friday. Growth was supported by the manufacturing and services sectors.

This is slightly lower compared to the 4.1 percent increase in the second quarter and the 4.6 percent rise seen in the first quarter.

On a quarter-on-quarter seasonally adjusted annualised basis, Singapore’s third quarter gross domestic product (GDP) performance was up by 4.7 percent, faster than the 1.2 percent growth in the preceding quarter.

The manufacturing sector grew by 4.5 percent from a year ago for the third quarter, slower than the 10.6 percent expansion in the previous quarter. The expansion was mainly supported by the electronics, biomedical manufacturing and transport engineering clusters.

Services producing industries expanded by 2.9 percent from a year ago, similar to the pace in the previous quarter. Main contributors to the growth were the finance and insurance, business services, and wholesale and retail trade services.

Meanwhile, the construction sector continued its contractionary mode, as it shrank 3.1 percent for the third quarter, following the 4.2 percent decline in the previous quarter, weighed down by weakness in public sector construction activities.

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