Singapore’s economy grew 0.7 percent year-on-year in the third quarter of 2023, faster than the 0.5 percent growth in the preceding quarter, according to advance estimates released by the Ministry of Trade and Industry (MTI) on Friday (Oct 13).
On a quarter-on-quarter seasonally-adjusted basis, the economy expanded by 1 percent, faster than the 0.1 percent growth in the preceding quarter.
The advance GDP estimates for the third quarter are computed largely from data in July and August – the first two months of the third quarter.
They are intended as an early indication of GDP growth in the quarter and are subject to revision when more comprehensive data becomes available, said MTI.
SECTOR PERFORMANCES
The manufacturing sector contracted by 5 percent year-on-year in the third quarter of 2023, compared with the 7.7 percent 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,” MTI said.
On a quarter-on-quarter seasonally-adjusted basis, the sector grew by 0.2 percent, a turnaround from the 1.5 percent contraction in the second quarter.
Meanwhile, the construction sector grew by 6 percent year-on-year in the third quarter, extending the 7.7 percent growth in the second quarter of the year.
According to MTI, this growth was supported by expansions in both the public and private construction output.
On a quarter-on-quarter seasonally-adjusted basis, the construction sector posted growth of 0.6 percent, expanding at a slower rate from the 2.7 percent growth in the second quarter.
Among the services sectors, the wholesale and retail trade as well as transportation and storage sectors collectively expanded by 0.6 percent year-on-year in the third quarter, slower than the 2.2 percent growth in the previous quarter.
All sectors within the group recorded expansions.
