Singapore's GDP growth for Q3 remains at 0.1 pct on year

2019-10-14 09:06

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SINGAPORE, Oct. 14 (Xinhua) -- Singapore's Ministry of Trade and Industry announced on Monday that based on advance estimates, the country's gross domestic product (GDP) for the third quarter of 2019 grew 0.1 percent year on year.

That was the same pace of growth as in the previous quarter, the ministry added.

On a quarter-on-quarter seasonally-adjusted annualised basis, Singapore's economy expanded by 0.6 percent in the third quarter, a turnaround from the 2.7 percent contraction in the preceding quarter.

In a breakdown, Singapore's manufacturing sector contracted by 3.5 percent year on year in the third quarter, compared to the 3.3 percent decline in the second quarter. The construction sector grew by 2.7 percent year on year, extending the 2.8 percent expansion in the previous quarter.

Meanwhile, the services producing industries expanded by 0.9 percent year on year, slower than the 1.1 percent increase in the previous quarter.

The advanced GDP estimate figures released on Monday 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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