It was the slowest growth rate in eight quarters. Moderate growth was mainly explained by manufacturing, which expanded 3.5 percent (vs original 4.5 percent) after a 10.7 percent expansion in the previous quarter, with growth observed in all clusters. Meantime, services grew at a 2.4 percent pace (vs original 2.9 percent and vs 2.8 percent in Q2). In contrast, construction extended its contraction, shrinking 2.3 percent (vs original -3.1 percent) after falling 4.2 percent in Q2.
The Ministry of Trade and Industry (MTI) announced today that the Singapore economy is expected to grow by “3.0 to 3.5 per cent” in 2018, narrowing from "2.5 to 3.5 per cent", and by “1.5 to 3.5 per cent” in 2019, as the pace of economic expansion across most of the major advanced and regional economies is expected to ease from 2018’s levels, in part due to the impact of the ongoing trade conflicts between the US and its key trading partners.
On a quarter-on-quarter seasonally-adjusted annualized basis, the economy expanded a seasonally-adjusted annualized 3.0 percent quarter-on-quarter in the third quarter of 2018, well above the 1.0 percent final growth for the previous quarter but missing expectations of a 4.2 percent increase and well below the preliminary 4.7 percent print. It was the fastest expansion in four quarters.