Singapore’s 3Q GDP Growth Revised Lower
Singapore’s economy expanded slower than initially estimated in the third quarter, though the government narrowed its full-year growth forecast to the higher end of its previously-announced range.
Gross domestic product grew 3.0% on an annualized, seasonally-adjusted basis over the previous quarter, according to revised numbers released by the Ministry of Trade and Industry on Thursday. That compared last month’s initial estimate of a 4.7% expansion in the third quarter.
The economy in the July-to-September period is estimated to have expanded 2.2% compared with the same period a year ago, slower than a 2.6% gain estimated earlier. The economy had grown 4.6% and 4.1% on year in the first and second quarters of this year respectively.
Manufacturing output grew 3.5% from a year earlier, after a 10.7% gain in the second quarter. Services output grew 2.4% from a year ago, after a 2.8% growth in the previous quarter. Construction, however sector contracted 2.3%, after a 4.2% decline in the second quarter, the data showed.
The government now expects the economy to grow between 3.0% and 3.5%, compared with its previous forecast of growth between 2.5% and 3.5%. For the next year, the government is predicting growth between 1.5% and 3.5%.
Source: Dow Jones