Singapore Economy Sees 0.5% Growth In Third Quarter

The Singapore economy grew by 0.5 per cent in the third quarter year on year.

Figures released by the Ministry of Trade and Industry (MTI) showed a slight uptick in Singapore's economic growth for the third quarter, with a slightly higher than 0.2 per cent expansion from the previous quarter, revised upwards from a 0.1 per cent growth.

The Gross Domestic Product (GDP) showed the economy expanded an annualised 2.1 per cent on a quarter-on-quarter and seasonally adjusted basis, reversing the 2.7 per cent contraction in the second quarter.

The ministry added that the economy is expected to expand 0.5 to 2.5 per cent next year versus the o.5 to 1 per cent growth this year.

The performing sectors include the construction sector which expanded by 2.9 per cent year on year supported by both public sector and private sector construction works.

Growth in the accommodation and food services sector came in at 2 per cent year on year, faster than the 1.2 per cent recorded in the previous quarter.

Led by the IT and information services segment, the information and communications sector grew by 3.4 per cent, moderating from the 4.1 per cent expansion in the previous quarter. 

The finance and insurance sector also expanded by 4.3 per cent year on year, extending the 5.1 per cent growth in the second quarter.