News
ECONOMY | Staff Reporter, Singapore
view(s)

Singapore's GDP up 4.6% in Q3

It's the strongest in three years.

Singapore's GDP grew 4.6% YoY in Q3, the highest in three years, advanced estimates from the Ministry of Trade and Industry (MTI) revealed.

Manufacturing showcased a "stellar" performance with a 15.5% YoY growth whilst services advanced 2.6%, OCBC Treasury Research said.

The construction sector continued to show dismal performance as it shrank by 6.3% in Q3.

There was no change to the official 2017 growth forecast of 2-3% YoY, albeit “in the upper half of the 2-3% forecast range”, which implies that 4Q2017 growth could slow sharply to around 2.2%.

Whilst manufacturing is likely to decelerate in 4Q17, not least because there is a relatively higher base in 4Q2016 at 11.5% YoY, the broadening growth drivers in services is reassuring, OCBC said.

Here's more from OCBC Treasury Research:

Services momentum has picked up speed at around sub-1% in 2H16 to around 2.5% in 2Q-3Q17, partly due to improved optimism in financial services & insurance, wholesale & retail trade, and transportation and storage sectors. Moreover, manufacturing growth was also supported by biomedical manufacturing, beyond electronics and precision engineering, in 3Q17. 

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.