Singapore's GDP Grew by 6.5 Per Cent in the Third Quarter of 2021

14 October 2021. Based on advance estimates, the Singapore economy grew by 6.5 per cent on a year-on-year basis in the third quarter of 2021, moderating from the 15.2 per cent growth in the previous quarter. On a quarter-on-quarter seasonally-adjusted basis, the Singapore economy expanded by 0.8 per cent in the third quarter of 2021, a reversal from the 1.4 per cent contraction in the preceding quarter.

Sectoral Performance

The manufacturing sector grew by 7.5 per cent on a year-on-year basis in thethird quarter of 2021, extending the 18.0 per cent growth in the previous quarter. Growth during the quarter was supported by output expansions in all clusters, except for the chemicals cluster. In particular, the electronics and precision engineering clusters continued to post strong growth, driven by sustained global demand for semiconductors and semiconductor equipment. On a quarter-on-quarter seasonally-adjusted basis, the value-added of the manufacturing sector remained unchanged in the third quarter, an improvement from the 2.1 per cent decline recorded in the second quarter.

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MINISTRY OF TRADE AND INDUSTRY
14 October 2021