According to a report by the Ministry of Trade and Industry (MTI), Singapore’s economy increased by 2.4 percent in the third quarter of this year as compared to last year's.
On a quarter-on-quarter annualised status, the economy expanded by 1.2 percent – an improvement from the -0.1 percent contraction in the previous quarter.
The manufacturing sector grew by 1.4 percent on a year-on-year basis. The growth was mainly due to the improvements in biomedical manufacturing and electronics clusters. On a quarter-on-quarter basis, the sector expanded at an annualised rate of 1.2 per cent, a vast difference from the -15.1 percent contraction in the second quarter of this year.
On a year-on-year basis, the construction sector increased by 1.4 percent – a drop from 4.1 percent growth in the previous quarter. Weaker private sector construction activities were mainly accounted for the decelerating growth. The sector clocked in at an annualised rate of 2.7 percent on a quarter-on-quarter basis, a 0.3% increased from the preceding quarter.
The services producing industries, on a year-on-year basis, expanded by 0.1 percent from the last quarter. The growth was chiefly due to the development in the finance & insurance and business services sectors. On a quarter-on-quarter basis, the industry improved by 1.3 percent, a fall from the 4.8 percent previously.
Photo: AFP / Roslan Rahman
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According to a report by the Ministry of Trade and Industry (MTI), Singapore’s economy increased by 2.4 percent in the third quarter of this year as compared to last year's.
On a quarter-on-quarter annualised status, the economy expanded by 1.2 percent – an improvement from the -0.1 percent contraction in the previous quarter.
The manufacturing sector grew by 1.4 percent on a year-on-year basis. The growth was mainly due to the improvements in biomedical manufacturing and electronics clusters. On a quarter-on-quarter basis, the sector expanded at an annualised rate of 1.2 per cent, a vast difference from the -15.1 percent contraction in the second quarter of this year.
On a year-on-year basis, the construction sector increased by 1.4 percent – a drop from 4.1 percent growth in the previous quarter. Weaker private sector construction activities were mainly accounted for the decelerating growth. The sector clocked in at an annualised rate of 2.7 percent on a quarter-on-quarter basis, a 0.3% increased from the preceding quarter.
The services producing industries, on a year-on-year basis, expanded by 0.1 percent from the last quarter. The growth was chiefly due to the development in the finance & insurance and business services sectors. On a quarter-on-quarter basis, the industry improved by 1.3 percent, a fall from the 4.8 percent previously.
Photo: AFP / Roslan Rahman
Read Also:
Singapore stands to benefit from China-Hong Kong face-off