Singapore GDP up 6.5% in 3Q21

The quarter’s GDP moderates from 15.2% in 2Q21.

 The Singapore economy experienced a growth of 6.5% y-o-y in 3Q21, according to a press release by the Ministry of Trade and Industry Singapore.

This is a slowdown from the 15.2% growth seen in the previous quarter. 

On a q-o-q basis, a 0.8% expansion was seen, compared to the 1.4% contraction in the preceding quarter.

All industries saw growth in the quarter, with the top grower being the construction sector.

 A growth of 57.9% y-o-y was observed and is due to the low base effects given the slow resumption of construction activities following the Circuit Breaker last year.

The same can also be said for the performance of the other sectors.