In the third quarter, GDP contracted at a seasonally-adjusted annualized rate (saar) of 5.9% over the previous quarter, according to more detailed figures released on 16 November. The figure was revised down from the advanced estimate of a 1.5% drop and contrasted the 0.5% expansion seen in the second quarter (previously reported: +0.2% qoq saar). Compared to the same quarter last year, GDP grew 0.3% (previously reported: +1.3% year-on-year), which came in below the 2.5% increase seen in the second quarter. Revised figures showed that manufacturing output contracted 9.6% in the third quarter, which represents a deterioration over the 3.9% contraction reported in the advanced estimate and contrasted flat growth recorded in the second quarter. Similarly, construction fell 17.2% in the third quarter (previously reported: -7.5% qoq saar), which contrasted the 19.4% expansion recorded in the second quarter. Moreover, output in the services sector was revised down from the advanced estimate of a 0.1% annualized expansion to a 3.5% contraction (Q2: -0.1% qoq saar).
Third quarter GDP revised heavily downwards
November 16, 2012
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Singapore GDP Chart
Note: Quarter-on-quarter changes of seasonally adjusted annualized GDP and year-on-year variation in %.
Source: Ministry of Trade and Industry (MTI) and FocusEconomics Consensus Forecast.
Singapore Economic News
October 17, 2016
In September, non-oil domestic exports (NODX) dropped 4.8% from the same month last year, deteriorating from August’s flat result.
October 14, 2016
According to advanced estimates released by the Ministry of Trade and Industry on 14 October, GDP declined a sharp 4.1% in Q3 from the previous quarter at a seasonally adjusted annualized rate (SAAR), down from Q2’s revised 0.2% rise (previously reported: +0.3% quarter-on-quarter).
October 14, 2016
At its second scheduled semi-annual meeting of 2016, which took place on 14 October, the Monetary Authority of Singapore (MAS) decided to leave the rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) policy band unchanged at zero percent.
October 3, 2016
The manufacturing PMI produced by the Singapore Institute of Purchasing & Materials Management (SIPMM) picked up from 49.8 in August to a 15-month high of 50.1 in September.
September 23, 2016
In August, consumer prices increased 0.5% compared to the previous month, contrasting the 0.3% decrease recorded in July.