Singapore Q3 GDP Growth Below Expectations
The economy of Singapore advanced 0.1 percent year-on-year in the third quarter of 2019, the same pace as in the previous period but missing market consensus of a 0.2 percent expansion, an advance estimate showed. This remained the weakest growth rate since the second quarter of 2019, when the economy shrank 1.2 percent, amid a further contraction in manufacturing output and a slowdown in the services and construction activities.
10/14/2019 10:18:26 AM
The manufacturing sector declined by 3.5 percent year-on-year in the three months to September, after a 3.3 percent contraction in the previous quarter, as output fell in the electronics, precision engineering and transport engineering clusters. Additionally, the services sector expanded 0.9 percent, slowing from a 1.1 percent increase in the prior period, primarily supported by the finance & insurance sector, the other services industries and the business services sector. On the other hand, trade-related services sectors such as wholesale trade were weighed down by weak external demand, as well as negative spillovers from the downturn in the electronics and precision engineering clusters. Also, construction output growth eased (2.7 percent vs 2.8 percent), with both public and private sector construction activities rising.
On a quarter-on-quarter seasonally-adjusted annualised basis, the economy grew by 0.6 percent in the September quarter
, compared to expectations of a 1.5 percent expansion and after a downwardly revised 2.7 percent contraction in the second quarter. The services sector rebounded (0.7 percent vs -1.4 percent in Q2), while both the manufacturing sector (-0.4 percent vs -4.2 percent) and construction output (-1.1 percent vs -5.3 percent) contracted at a slower pace.