Economy  grows at a faster pace in 3Q23: flash estimates

It grew 0.7% YoY from 0.5% YoY in 2Q23.

Singapore’s gross domestic product (GDP) grew at a faster pace in 3Q23, increasing 0.7% YoY, flash estimates from the Ministry of Trade and Industry (MTI) showed. In 2Q23, the GDP grew by 0.5% YoY.

On a quarter-on-quarter basis, GDP expanded by 1.0%, faster than the 0.1% growth in the preceding quarter.

Amongst the goods-producing industries, the manufacturing sector saw a contraction in 3Q23, falling 5.0% YoY.

"The weak performance of the sector was due to output declines across all the manufacturing clusters, except for the transport engineering cluster.," the MTI said.

On the other hand, the construction sector grew 6.0% YoY.

“Growth was supported by expansions in both public and private sector construction output,” the MTI reported.

All services-producing industries recorded year-on-year expansions, led by  "accommodation & food services, real estate, administrative & support services" (+4.7% YoY) and followed by "information & communications, finance & insurance and professional services" (+1.5% YoY) and “wholesale & retail trade and transportation & storage" (+0.6% YoY)