Singapore’s GDP Grew by 0.1 Per Cent in the Third Quarter of 2019

14 October 2019. Based on advance estimates, the Singapore economy grew by 0.1 per cent on a year-on-year basis in the third quarter of 2019, the same pace of growth as in the previous quarter. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy expanded by 0.6 per cent, a turnaround from the 2.7 per cent contraction in the preceding quarter.

The manufacturing sector contracted by 3.5 per cent on a year-on-year basis in the third quarter, extending the 3.3 per cent decline in the previous quarter. The contraction was due to output declines in the electronics, precision engineering and transport engineering clusters, which more than offset output expansions in the chemicals, biomedical manufacturing and general manufacturing clusters. On a quarter-on-quarter seasonally-adjusted annualised basis, the manufacturing sector shrank by 0.4 per cent, moderating from the 4.2 per cent contraction in the preceding quarter.

The construction sector grew by 2.7 per cent on a year-on-year basis in the third quarter, extending the 2.8 per cent expansion in the previous quarter. Growth in the sector was supported by a pickup in both public and private sector construction activities. On a quarter-on-quarter seasonally-adjusted annualised basis, the sector contracted by 1.1 per cent, a slower pace of decline as compared to the 5.3 per cent contraction in the second quarter.

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MINISTRY OF TRADE AND INDUSTRY
14 October 2019