Singapore's GDP Growth Beats Expectations in Q3
In the third quarter of 2013, Singapore's economy expanded 5.8 percent over a year earlier, up from 4.4 percent in the previous three-month period and mainly due to a rebound in electronics and transport engineering. Last month's advance estimate showed the economy grew at a slower pace of 5.1 percent.
11/21/2013 12:43:49 AM
Year-on-year, the manufacturing sector grew by 5.5 percent, higher than the 1.3 percent growth in the previous quarter. The improvement was due to stronger growth in the electronics cluster and a sharp rebound in the transport engineering cluster.
Growth in the construction sector moderated to 5.3 percent, compared to 6.9 percent in the previous quarter due to slower growth in public non-residential building works.
The wholesale and retail trade sector grew by 7.9 percent, compared to 5.5 percent in the previous quarter. Growth was supported by a pickup in the wholesale trade segment due to strong trade flows to advanced economies and Greater China. On the other hand, the retail trade segment saw a sharper contraction.
The transportation and storage sector expanded by 5.4 percent, compared to 2.7 percent in the previous quarter. Higher growth was seen across most segments, including water transport and air transport.
Growth in the finance and insurance sector eased to 10.5 percent, from 13.7 percent in the previous quarter.
On a quarter-on-quarter seasonally adjusted annualized basis, the economy advanced 1.3 percent in the third quarter of 2013. Advanced estimates released in October called for a 1 percent contraction.