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Singapore: Economy records anemic growth in Q3; avoids technical recession

October 14, 2015

According to an advanced estimate released by the Ministry of Trade and Industry on 14 October, in Q3, the economy grew an anemic 0.1% over the previous quarter at a seasonally adjusted annualized rate (SAAR). The reading contrasted the 2.5% fall recorded in Q2 and overshot the 0.1% decline the markets had expected.

The mild quarterly expansion in Q3 was mainly the result of quarter-on-quarter SAAR improvements in manufacturing and services, which more than offset a contraction in construction. Manufacturing partially recovered from Q2’s 17.4% fall and decreased a milder 3.6% in Q2. In addition, service rose 0.8% in Q3 (Q2: +0.2% qoq SAAR). However, construction swung from a 12.4% increase in Q2 to a 0.8% fall in Q3.

In year-on-year terms, GDP expanded 1.4%, which was down from the 2.0% growth recorded in Q2 2015 and marked the lowest reading since Q2 2009.

The Monetary Authority of Singapore expects GDP to grow at a rate of between 2.0% and 2.5% in 2015. FocusEconomics Consensus Forecast panelists project that the economy will expand 3.0% in 2015, which is unchanged from last month’s forecast. For 2016, the panel expects growth to accelerate to 3.3%.


Author:, Economist

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Singapore GDP Q3 2015

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.


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