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 the third 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.
The services producing industries expanded by 2.9 per cent on a year-on-year basis in the third quarter, the same pace of growth as in the previous quarter. Growth was largely supported by the finance & insurance, business services and wholesale & retail trade sectors.
On a quarter-on-quarter seasonally adjusted annualised basis, the services producing industries grew by 6.3 per cent, faster than the 0.7 per cent growth in the preceding quarter.
MTI will release the preliminary GDP estimates for the third quarter, including performance by sectors, sources of growth, inflation, employment and productivity, in its Economic Survey of Singapore in November 2018.
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The above is a press statement from the Ministry of Trade and Industry