Singapore GDP growth slows to 0.6% as manufacturing slumps

Singapore GDP growth slows to 0.6% as manufacturing slumps

206
0
SHARE

The Singapore economy grew by 0.6% year-on-year in the third quarter of 2016, easing from the 2% growth in the previous quarter as the manufacturing sector experienced a setback following an expansion in the second quarter, according to the Ministry of Trade and Industry.

On a quarter-on-quarter seasonally adjusted annual basis, the economy contracted by 4.%, a reversal from the 0.2% growth in the preceding quarter.

The manufacturing sector contracted by 1.1% year-on-year in the third quarter, reversing the 1.4% expansion in the previous quarter, weighed down by a decline in transport engineering, biomedical manufacturing, and general manufacturing output. Quarter-on-quarter, the sector contracted at an annualized rate of 17.4%, a pullback from the 2.1% growth in the preceding quarter.

Construction slowed marginally to 2.5% year-on-year in the third quarter, from a 2.6% growth in the previous quarter as the slowdown in private sector construction activities sharpened. Quarter-on-quarter, the sector expanded at an annualized rate of 0.5%, moderating from the 1.1% expansion in the preceding quarter.

The services producing industries recorded a slight contraction of 0.1% year-on-year compared to the 1.2% growth in the preceding quarter, with the wholesale & retail trade sector decelerating its growth. Other services sectors such as accommodation, information & communications as well as education, health & social services remained resilient. On a quarter-on-quarter seasonally adjusted annualized basis, the services producing industries shrank by 1.9%, extending the 0.9% decline in the preceding quarter.

Photo: Singapore port

LEAVE A REPLY