Singapore’s gross domestic product expanded a seasonally adjusted 6.3 percent on quarter in the third quarter of 2017, the Ministry of Trade and Industry said in Friday’s advance estimate.
That beat forecasts for an increase of 3.7 percent following the upwardly revised 2.4 percent gain in the second quarter (originally 2.2 percent).
On a yearly basis, GDP jumped 4.6 percent – again exceeding expectations for 3.8 percent following the 2.9 percent increase in the three months prior.
The manufacturing sector expanded 15.5 percent on year in Q3, accelerating from 8.2 percent in the previous three months. It was up 23.1 percent on quarter, up from 3.2 percent in Q2.
Growth was spurred by robust expansions in the electronics, biomedical manufacturing and precision engineering clusters.
The construction sector contracted 6.3 percent on year after falling 6.8 percent in the previous three months. It was down 9.2 percent on quarter after adding 2.4 percent in Q2.
The sector was weighed down by continued weakness in private sector construction activities, the ministry said.
The services producing industries advanced an annual 2.6 percent in Q3, up from 2.5 percent in the three months prior. It was up 1.5 percent on quarter, slowing from 3.3 percent in the previous three months.
Growth was largely supported by the finance and insurance, wholesale and retail, and trade and transportation sectors.
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