In the third quarter, GDP expanded 6.1% over the same period last year, according to revised estimates released on 21 November. The reading was slightly above the advance estimate of 5.9% growth reported on 14 October. In the previous quarter, the economy had grown a paltry 1.0%. Compared to the previous quarter, the economy grew a seasonally adjusted annualised 1.9% (previously reported: +1.3% quarter-on-quarter saar), which contrasted the 6.4% contraction seen in the second quarter. Private consumption grew 7.1% year-on-year, which came in above the 5.9% expansion observed in the second quarter. In contrast, government spending slowed to a 2.3% increase (Q2: +5.7% yoy). In addition, fixed investment moderated the pace by growing 6.3%, down from the robust 9.5% expansion tallied in the second quarter. The external sector deteriorated markedly, as exports swung from a 1.9% increase in the second quarter to a 0.3% contraction in the third quarter. Imports also slowed, but remained in positive territory, moderating from a 3.0% expansion in the second quarter to a 1.2% increase. As a result, the contribution from the external sector to overall growth decreased further from minus 1.5 percentage points in the second quarter to minus 3.0 percentage points in the third quarter. At the sector level, the rebound was entirely driven by the manufacturing sector, which swung from a 5.6% contraction in the second quarter to a 14.2% increase in the third quarter. In contrast, construction and services moderated the pace over the previous quarter by growing 0.3% (Q2: +1.5% yoy) and 3.7% (Q2: +4.0% yoy) respectively. In that vein, the Ministry of Trade and Industry stated that, ?externally-oriented sectors such as electronics and wholesale trade will continue to perform poorly, while the financial services sector will be affected by heightened uncertainties in the external environment. Nevertheless, there will be some modest support to growth from the biomedical manufacturing cluster and tourism-related sector.? The government expects the economy to grow 5.0% this year and between 1.0% and 3.0% next year.
Growth in the third quarter revised up
November 21, 2011
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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.