Singapore’s GDP Expanded by 0.7 Per Cent in the Third Quarter of 2023

13 October 2023. Based on advance estimates, the Singapore economy grew by 0.7 per cent on a year-on-year basis in the third quarter of 2023, extending the 0.5 per cent growth in the previous quarter. On a quarter-on-quarter seasonally-adjusted basis, the economy expanded by 1.0 per cent, faster than the 0.1 per cent growth in the preceding quarter.

Sectoral Performance

The manufacturing sector contracted by 5.0 per cent year-on-year in the third quarter of 2023, following the 7.7 per cent contraction in the previous quarter. The weak performance of the sector was due to output declines across all the manufacturing clusters, except for the transport engineering cluster. On a quarter-on-quarter seasonally-adjusted basis, the sector expanded by 0.2 percent, a turnaround from the 1.5 per cent contraction in the second quarter.

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MINISTRY OF TRADE AND INDUSTRY
13 October 2023