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Singapore GDP up 6.3pc in third quarter, looks to 2.5pc full year
SINGAPORE gross domestic product rose 6.3 per cent in the third quarter from the previous three months and was up 4.6 per cent, year on year according to preliminary figures from the trade ministry.
The city-state has enjoyed solid growth as global trade rebounds and the electronics sector shows a particularly impressive upswing, reports Bloomberg.
Prime Minister Lee Hsien Loong said in August that the economy will probably grow 2.5 per cent this year, which would be the fastest since 2014.
At the same time, a weak labour market is weighing on consumer demand with retail enduring a painful transition away from traditional brick-and-mortars to e-commerce. Employment contracted in the last two quarters.
Service industries which account for two-thirds of economy, grew 1.5 per cent in the third quarter from the prior three months.
Manufacturing surged 23.1 per cent; construction contracted 9.2 per cent. The data is based on the first two months of the quarter and are likely to be revised.
The city-state has enjoyed solid growth as global trade rebounds and the electronics sector shows a particularly impressive upswing, reports Bloomberg.
Prime Minister Lee Hsien Loong said in August that the economy will probably grow 2.5 per cent this year, which would be the fastest since 2014.
At the same time, a weak labour market is weighing on consumer demand with retail enduring a painful transition away from traditional brick-and-mortars to e-commerce. Employment contracted in the last two quarters.
Service industries which account for two-thirds of economy, grew 1.5 per cent in the third quarter from the prior three months.
Manufacturing surged 23.1 per cent; construction contracted 9.2 per cent. The data is based on the first two months of the quarter and are likely to be revised.
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