Singapore’s GDP Grew by 2.6 Per Cent in the Third Quarter of 2018

12 October 2018. Based on advance estimates, the Singapore economy grew by 2.6 per cent on a year-on-year basis in the third quarter of 2018, moderating from the 4.1 per cent growth in the previous quarter. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy expanded by 4.7 per cent, faster than the 1.2 per cent growth in the preceding quarter.

The manufacturing sector grew by 4.5 per cent on a year-on-year basis in thethird quarter, slower than the 10.6 per cent growth in the previous quarter.Growth was supported mainly by output expansions in the electronics,biomedical manufacturing and transport engineering clusters. On a quarter-on-quarter seasonally-adjusted annualised basis, the manufacturing sector expanded at a faster pace of 7.6 per cent compared to the 2.9 per cent growth in the preceding quarter.

The construction sector contracted by 3.1 per cent on a year-on-year basis in the third quarter, extending the 4.2 per cent decline in the previous quarter. The sector was weighed down by the weakness in public sector construction activities. On a quarter-on-quarter seasonally-adjusted annualised basis, the sector grew by 1.7 per cent, a turnaround from the contraction of 14.5 per cent in the second quarter.

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MINISTRY OF TRADE AND INDUSTRY
12 OCTOBER 2018