Singapore GDP Grows 2.4% in Q3

Advance estimates showed the Singapore economy advanced 2.4 percent year-on-year in the third quarter of 2014, the same pace as in the previous three months, as expansion in service sector and stable manufacturing output were able to offset a sharp slowdown in construction sector.

On a year-on-year basis, the manufacturing sector grew by 1.4 percent in the third quarter, similar to 1.5 percent expansion in the previous quarter. Growth in this sector was supported primarily by the biomedical manufacturing and electronic clusters.

The construction sector grew by 1.4 percent,  significantly  slowing from a 4.1 percent growth in the second quarter, mainly due to weaker private sector construction activities.

The services producing industries grew by 2.9 percent, slightly higher than 2.8 percent growth in the preceding quarter. The expansion was supported primarily by the finance and insurance and business services sectors.

On a quarter-on-quarter seasonally adjusted annualized basis, the GDP expanded by 1.2 percent, a reversal from 0.1 percent contraction in the previous quarter.

Singapore GDP Grows 2.4% in Q3

Ministry of Trade and Industry l Rida l
10/14/2014 11:55:46 AM