Singapore GDP Growth Revised Up in Q3

The Singaporean economy grew 5.2 percent year-on-year in the third quarter of 2017, higher than an initial estimate of 4.6 percent and 2.9 percent in the prior quarter. It is the biggest expansion since the last quarter of 2013, led by a sharp acceleration in manufacturing.
MTI | Joana Taborda | 11/23/2017 12:04:43 PM
Year-on-year, the manufacturing sector went up 18.4 percent, above a preliminary of 15.5 percent and 8.4 percent in the previous quarter. All clusters withing manufacturing increased with the exception of the transport engineering one which continued to register a decline in output on the back of sustained weakness in the marine and offshore engineering segment. 

The services sector went up 3 percent, above 2.6 percent in early figures and 2.5 percent in the previous quarter. All sectors rose at a faster pace with the exception of accomodation and food services which fell more (-2.1 percent compared to -2 percent in Q2).

On the other hand, construction shrank 7.6 percent, more than an initial estimate of a 6.3 percent fall and extending the 9.1 percent drop in the previous quarter.

On a quarterly basis, the final estimate showed the GDP grew an annualized 8.8 percent, above a preliminary 6.3 percent and sharply surpassing the downwardly revised 2.2 percent growth of the previous quarter. 

The Ministry of Trade and Industry announced that the Singapore economy is expected to grow by 3.0-3.5 percent in 2017 and by 1.5-3.5 percent in 2018. 

Singapore GDP Growth Revised Up in Q3