Singapore: Third quarter GDP revised heavily downwards
November 16, 2012
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).