Singapore Q3 growth cools to 5.4% but beats forecasts
Advance estimates showed slower expansion than in Q2, with construction growth offsetting a moderation in manufacturing.
Key takeaways
- Singapore's economy grew 5.4% in Q3, down from 6.2% in Q2.
- Economists polled by Reuters expected 5% growth, CNBC reported.
- Manufacturing grew 7.5%, while construction expanded 8.8%.
Singapore’s economy grew 5.4% in the third quarter, down from 6.2% in the second, according to advance estimates released Wednesday by the Ministry of Energy, Trade and Industry. The result topped the 5% growth forecast by economists polled by Reuters, CNBC reported.
On a seasonally adjusted quarter-on-quarter basis, the economy expanded 1.1%, compared with 1.5% in Q2. The advance estimates are based largely on data from July and August and may be revised when more information becomes available.
Manufacturing grew 7.5%, slowing from 12.9% in the previous quarter. Expansions in electronics, precision engineering, transport engineering and general manufacturing outweighed declines in chemicals and biomedical manufacturing. Manufacturing contracted 0.9% quarter on quarter.
Construction was the strongest-performing sector, growing 8.8% after a 6.1% rise in Q2, as public and private construction output increased. The sector grew 3.4% quarter on quarter, reversing a 2.7% contraction.
Wholesale and retail trade, along with transportation and storage, grew 8%, up from 6.9% in Q2. Information and communications, finance and insurance, and professional services grew 4.3%, easing from 5.1%.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
