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Singapore's GDP grows at slower pace of 6.5% in the third quarter: Advance estimates


SINGAPORE: Singapore’s economy grew at a slower pace of 6.5 per cent year-on-year in the third quarter of 2021, advance estimates from the Ministry of Trade and Industry (MTI) showed on Thursday (Oct 14).

This was a slowdown from the 15.2 per cent year-on-year growth in the previous quarter.

On a quarter-on-quarter seasonally adjusted basis, Singapore’s gross domestic product (GDP) grew by 0.8 per cent in the third quarter, after a 1.4 per cent contraction in the previous three months.

The manufacturing sector grew by 7.5 per cent on a year-on-year basis in the third quarter, extending the 18 per cent growth in the previous quarter.

Growth was supported by output expansions in all clusters, particularly the electronics and precision engineering clusters which "continued to post strong growth, driven by sustained global demand for semiconductors and semiconductor equipment", said MTI.

The construction sector expanded by 57.9 per cent in the third quarter, slowing from a growth of 117.5 per cent in the preceding quarter.

MTI said this growth was "largely due to low base effects given the slow resumption of construction activities after the 'circuit breaker' period last year".

The services producing industries expanded 5.5 per cent in the third quarter. Among the sectors, wholesale and retail trade and transportation and storage grew by 5 per cent, extending the 8.5 per cent growth in the previous quarter.

While the wholesale trade sector grew on the back of a pickup in external demand, growth in the transportation and storage sector was partly due to low base effects, said MTI, as strict border restrictions had "weighed heavily" on the air transport segment in the third quarter of last year.

The Singapore economy is projected to recover this year after shrinking 5.4 per cent last year in the country’s worst recession since independence.

The official growth forecast range for 2021 was last upgraded in August to 6 to 7 per cent.

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