Singapore Q3 GDP growth slows at 2.6%

Manufacturing’s growth slowed down by 6.1ppt to 4.5%.

Singapore’s gross domestic product (GDP) cooled down its growth to just 2.6% YoY in Q3 from its 4.1% growth in Q2, the Ministry of Trade and Industry (MTI) revealed. On a QoQ basis, the economy’s expansion rate is at 4.7% which is ahead of the 1.2% growth in the preceding quarter.

The manufacturing sector saw a muted growth of 4.5% YoY compared to the 10.6% expansion rate in Q2. Q3’s manufacturing sector was boosted mainly by output expansions in the electronics, biomedical manufacturing and transport engineering clusters.

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Meanwhile, the construction sector saw recovery as its contraction to just 3.1% YoY from 4.2% in Q2. The sector bore the brunts of the weakness in public sector construction.

For the services sector, expansion was recorded at 2.9% YoY in Q3, keeping its Q2 pace mainly backed by the finance & insurance, business services and wholesale & retail trade sectors.