Singapore’s gross domestic product expanded a seasonally adjusted 0.8 percent on quarter in the third quarter of 2021, the Ministry of Trade said in Thursday’s advance estimate.
That was in line with estimates following the upwardly revised 1.4 percent contraction in the previous three months (originally -1.8 percent).
On a yearly basis, GDP climbed 6.5 percent – just shy of forecasts for 6.6 percent following the upwardly revised 15.2 percent jump in the three months prior (originally 14.7 percent).
The manufacturing sector grew 7.5 percent on year in the third quarter of 2021, extending the 18.0 percent growth in the previous quarter. Growth during the quarter was supported by output expansions in all clusters, except for the chemicals cluster. On a quarterly basis, the manufacturing sector remained unchanged in the third quarter, an improvement from the 2.1 percent decline in the second quarter.
The construction sector surged 57.9 percent on year following the 117.5 percent growth in Q2. Growth was largely due to low base effects given the slow resumption of construction activities after the Circuit Breaker period last year. On a quarterly basis, the sector shrank by 0.4 percent, moderating from the 2.4 percent contraction in the previous quarter.
Among the services sectors, the wholesale & retail trade and transportation & storage sectors grew 5.0 percent on year in Q3, extending the 8.5 percent growth in the previous quarter. All sectors within the group expanded during the quarter. In particular, the wholesale trade sector grew on the back of a pickup in external demand. On a quarterly basis, the sectors contracted by 1.3 percent, worsening slightly from the 1.0 percent contraction in the preceding quarter.
The information & communications, finance & insurance and professional services sectors collectively expanded 7.7 percent on year in the third quarter, extending the 10.1 percent growth in the preceding quarter. All sectors within the group recorded expansions. On a quarterly basis, the sectors in the group posted growth of 1.2 percent, extending the 2.3 per cent expansion in the previous quarter.
The accommodation & food services, real estate, administrative & support services and other services sectors grew 3.1 percent on year, moderating from the 14.5 percent expansion in the previous quarter. Within the group, the real estate and other services sectors expanded, while the accommodation & food services and administrative & support services sectors contracted. On a quarterly basis, these sectors grew 0.8 percent in Q3, a turnaround from the 2.2 percent contraction in the preceding quarter.
The material has been provided by InstaForex Company – www.instaforex.com