Singapore GDP Growth Slows Sharply

The Singapore's economy expanded by 1.4 percent year-on-year in the third quarter of 2015, lower than an upwardly revised 2.0 percent expansion in the preceding quarter but above market expectations. It is the worst performance since the 2009 recession, as the construction and services sectors expansion slowed while manufacturing contracted further.

According to advance estimates, the manufacturing sector contracted by 6.0 percent year-on-year in the September quarter, extending a 4.9 percent decline reported in the second quarter, largely due to a fall in output of the electronics, biomedical manufacturing and transport engineering clusters. 

The construction sector expanded b 1.6 percent year-on-year in the third quarter, slowing from a 2.0 percent growth recorded in the previous quarter. The slowdown was mainly due to weaker private sector costruction activities. Growth in the services producing industries came in at 3.0 percent compared to the preceding year, easing from 3.6 percent in the previous quarter. The moderation in growth was largely due to a slower  expansion in the wholesale & retail trade and finance & insurance sectors.

On a quarter-on-quarter seasonally-adjusted annualized basis, the economy grew by 0.1 percent from an upwardly revised 2.5 percent contraction in the preceding quarter. The manufacturing sector dropped by 3.6 percent, following a 17.4 percent contraction in the second quarter. The construction sector shrank by 0.8 percent, a reversal from a 12.4 percent growth in the June quarter. The services sector expanded by 0.8 percent, accelerating from a 0.2 percent growth in the previous quarter.

Singapore GDP Growth Slows Sharply

Statistics Singapore l Rida Husna |
10/14/2015 4:38:59 PM