Economy expands 2.9% in Q3 as services anchor growth

Growth eased from 4.5% as manufacturing stalled and services held firm.

Singapore’s economy expanded 2.9% year-on-year (YoY) in the third quarter, moderating from 4.5% in the previous period, the Ministry of Trade and Industry (MTI) said.

On a seasonally adjusted quarter-on-quarter (QoQ) basis, GDP rose 1.3%, following a 1.5% gain in Q2.

The services sector grew 3.5%, led by finance, ICT, and professional services, which rose 4.4%. Accommodation and real estate also expanded 4.1% on higher visitor arrivals.

Manufacturing activity was unchanged from a year earlier after growing 5% in Q2, as output in the biomedical and general manufacturing clusters declined. On a QoQ basis, the sector rebounded 6.1%, reversing a 0.7% contraction in the previous quarter.

The construction sector expanded 3.1% YoY, down from 6.2% in Q2, as both public and private projects contributed to growth. Seasonally adjusted output fell 1.2% after a 6.5% increase earlier.

MTI said detailed Q3 data, including inflation, productivity, and sectoral breakdowns, will be published in the Economic Survey of Singapore in November.

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