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Singapore achieves 2.6 percent GDP growth in Q3

Xinhua Financein SINGAPORE
2018-10-12 10:17

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Singapore's Ministry of Trade and Industry announced Friday morning that based on advance estimates, the country's gross domestic product (GDP) for the third quarter of 2018 grew 2.6 percent year on year.

It is lower than the GDP growth of 4.1 percent for the second quarter of 2018.

On a quarter-on-quarter seasonally-adjusted annualized basis, Singapore's economy expanded by 4.7 percent in the third quarter, higher than the recalculated 1.2 percent growth in the previous quarter.

In a breakdown, Singapore's manufacturing sector grew 4.5 percent year on year in the third quarter, compared to the 10.6 percent growth in the second quarter. The construction sector contracted by 3.1 percent year on year, compared to the 4.2 percent decline in the previous quarter, primarily due to the weakness in public sector construction activities.

Meanwhile, the services producing industries expanded by 2.9 percent year on year, unchanged from that for the previous quarter. The growth was largely supported by the finance and insurance sector, business services sector and the wholesale and retail trade sector.

The advanced GDP estimate figure released on Friday were computed largely from data in the first two months of the quarter, according to the ministry.

These figures are intended as an early indication of the GDP growth in the quarter, and are subject to revision when more comprehensive data become available. The ministry said it will release the preliminary GDP estimates for the third quarter this November.
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