Singapore Remains on Track to Grow by 1.5 to 2.5 Per Cent in 2012

12 October 2012. Based on advance estimates, the Singapore economy grew at a modest pace of 1.3 per cent on a year-on-year basis in the third quarter of 2012, compared to 2.3 per cent growth in the previous quarter. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy contracted by 1.5 per cent, compared to the 0.2 per cent expansion in the second quarter.

Economic growth in the second quarter was better than expected, resulting in an upward revision of quarter-on-quarter annualised growth from the preliminary estimates of -0.7 per cent to 0.2 per cent. The revision was due to new data from the construction sector, which registered higher certified progress payments from private sector industrial and residential projects. As a result, growth of the construction sector was significantly stronger at 14.3 percent in the second quarter, compared to the preliminary estimates of 0.9 percent growth.

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MINISTRY OF TRADE AND INDUSTRY
12 October 2012