Singapore’s Ministry of Trade and Industry has announced that based on advance estimates, the country's Gross Domestic Product (GDP) for the third quarter of 2019 grew 0.1 per cent year on year.
That was the same pace of growth as in the previous quarter, the ministry said on Monday.
On a quarter-on-quarter seasonally-adjusted annualised basis, Singapore's economy expanded by 0.6 per cent in the Q3, a turnaround from the 2.7 per cent contraction in the preceding quarter.
In a breakdown, Singapore's manufacturing sector contracted by 3.5 per cent year on year in the third quarter, compared to the 3.3 per cent decline in the second quarter.
The construction sector grew by 2.7 per cent year on year, extending the 2.8 per cent expansion in the previous quarter, reports Xinhua.
Meanwhile, the services producing industries expanded by 0.9 percent year on year, slower than the 1.1 percent increase in the previous quarter, reports Xinhua.
The advanced GDP estimate figures released on Monday were computed largely from data in the first two months of the quarter, according to the ministry.
These figures are intended as an early indication of the GDP growth in the quarter, and are subject to revision when more comprehensive data become available.
The ministry said it will release the preliminary GDP estimates for the third quarter this November.
© 2020 - All Rights with The Financial Express