Singapore’s economic growth kept its nose in positive territory, eking out 0.1 percent on-year growth in the third quarter, steady with the second quarter’s gross domestic product (GDP), advance data from the city-state’s Ministry of Trade and Industry showed Monday.
That came despite the manufacturing sector contracting by 3.5 percent on-year in the quarter, extending the second quarter’s 3.3 percent decline, MTI said.
Manufacturing was hit by output declines across the electronics, precision engineering and transport engineering clusters, offsetting expansions in the chemicals, biomedical manufacturing and general manufacturing segments, MTI said.
Helping to support overall economic growth, the construction sector expanded 2.7 percent on-year in the quarter, extending the second quarter’s 2.8 percent growth, on a pickup in both public and private sector activity, the statement said.
The services-producing sectors’ output grew 0.9 percent on-year in the quarter, extending the second quarter’s 1.1 percent expansion, the statement said.
“Growth during the quarter was primarily supported by the finance & insurance sector, the other services industries and the business services sector,” MTI said. “On the other hand, trade-related services sectors such as wholesale trade were weighed down by weak external demand, as well as negative spillovers from the downturn in the electronics and precision engineering clusters.”
The services-producing sectors also include education, health and social services, public administration and defense, and the arts, entertainment and recreation.
On a quarter-on-quarter seasonally adjusted basis, GDP grew 0.6 percent in the third quarter, swinging from a 2.7 percent contraction in the second quarter, MTI said.
Services-producing industries expanded 0.7 percent on-quarter, while manufacturing contracted 0.4 percent on-quarter and construction fell 1.1 percent, MTI said.
The advance data only include the first two months of the quarter and the figures are subject to revision.