Singapore Annual GDP Growth Revised Up to 1.1% in Q3
The Singaporean economy advanced 1.1 percent year-on-year in the third quarter of 2016, lower than a 2 percent expansion in the previous period but above preliminary estimates of a 0.6 percent growth. Figures came better than market expectations of a 1 percent expansion as the manufacturing sector increased and services were flat while construction increased less than anticipated.
11/24/2016 12:29:25 AM
Year-on-year, the manufacturing sector expanded by 1.3 percent, better than a 1.1 percent contraction in the preliminary estimates but slightly below 1.4 percent in the previous period. Higher external demand for semiconductors boosted the electronics and precision engineering sector. The services sector was flat, compared to a 0.1 percent decline in the preliminary estimates and following a 1.2 percent rise in the previous period. The construction sector rose at a slower 1.6 percent (2.5 percent in the preliminary estimates) and below 2 percent in the previous quarter.
On a quarter-on-quarter seasonally-adjusted annualized basis, the economy contracted at a slower 2 percent (-4.1 percent in the preliminary esimates), following a downwardly revised 0.1 percent expansion in the June quarter. Markets were expecting a 2.5 percent contraction.
For the rest of the year, the GDP is expected to remain modest. Government forecasts for this year were lowered to 1-1.5 percent from 1-2 percent. For 2017, the economy is expected to expand between 1 and 3 percent.