Singapore’s growth rate falls to 5.4 per cent as manufacturing eases
Singapore’s annual growth rate fell to 5.4 per cent in the third quarter from 6.2 per cent in the preceding quarter. Manufacturing expanded more slowly and contracted on the quarterly comparison, while construction accelerated. The advance estimate puts seasonally adjusted quarterly growth at 1.1 per cent and remains subject to revision ahead of more detailed figures in November.
Economics & Markets··Midday
Manufacturing slows the annual expansion
Singapore’s third-quarter economic growth rate fell to 5.4 per cent from a year earlier, against 6.2 per cent in the second quarter. The advance estimate released on 14 October showed a more moderate pace of expansion.[1], [2]
The Ministry of Energy, Trade and Industry put annual manufacturing growth at 7.5 per cent, down from 12.9 per cent. On the seasonally adjusted quarterly comparison, manufacturing shrank 0.9 per cent after growing 6.3 per cent in the preceding quarter. Construction moved in the other direction: annual growth increased from 6.1 per cent to 8.8 per cent, and quarterly output expanded 3.4 per cent after a 2.7 per cent decline.[1]
Trade and transport support services
Services expanded 5.2 per cent annually. The group combining wholesale and retail trade with transport and storage grew 8.0 per cent, accelerating from 6.9 per cent. Machinery and electronics supported wholesale activity, while water and air transport expanded. Retail trade declined. Information and communications, finance and insurance, and professional services grew 4.3 per cent as a group, compared with 5.1 per cent in the preceding quarter.[1]
Advance figures await fuller November data
The whole economy grew 1.1 per cent from the preceding quarter after seasonal adjustment, down from 1.5 per cent. The advance calculation relies largely on the quarter’s first two months and remains subject to revision. Real output is measured using chained volumes at 2015 prices. The ministry plans more detailed third-quarter figures in November, when a fuller set of information becomes available.[1]
