Singapore Growth Accelerates in Third Quarter on Export BounceBy
Singapore’s economy gained traction in the third quarter as a pickup in exports helped to drive up manufacturing.
|Highlights of GDP Report|
Singapore has enjoyed a more solid growth patch this year as global trade continues to rebound and the electronics sector shows a particularly impressive upswing. Prime Minister Lee Hsien Loong said in August that the economy will probably grow 2.5 percent this year, which would be the fastest since 2014.
At the same time, a weak labor market is weighing on consumer demand with retail enduring a painful transition away from traditional brick-and-mortars to e-commerce. Employment contracted in the last two quarters.
- Services industry, which accounts for about two-thirds of economy, grew an annualized 1.5% in the third quarter from the prior three months
- Manufacturing surged 23.1%; construction contracted 9.2%
- The data is based on the first two months of the quarter and are likely to be revised
— With assistance by Myungshin Cho, and Ailing Tan