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Financial News: Singapore Economy Grows 7.9% In Q3

Singapore Economy Grows 7.9% In Q3

10/13/2020 - 20:50:00 (RTTNews)

(RTTNews) - Singapore's gross domestic product expanded a seasonally adjusted 7.9 percent on quarter in the third quarter of 2020, the Ministry of Trade and Industry said in Wednesday's advance estimate.

That was roughly in line with forecasts following the 13.2 percent contraction in the three months prior.

On a yearly basis, GDP was down 7.0 percent - missing expectations for a decline of 6.8 percent following the downwardly revised 13.3 percent drop in the previous three months (originally -12.6 percent).

The manufacturing sector grew 2.0 percent on year in the third quarter, a reversal from the 0.8 percent contraction in the previous quarter. Growth of the sector was supported by output expansions in the electronics and precision engineering clusters, which were in turn driven by robust global demand for semiconductors and semiconductor manufacturing equipment.

On a seasonally-adjusted quarterly basis, the manufacturing sector expanded 3.9 percent, a turnaround from the 9.1 percent contraction in Q2.

The construction sector shrank 44.7 percent on year in the third quarter, extending the 59.9 percent decline in Q2. Construction output in the third quarter remained weak on account of the slow resumption of construction activities due to the need for construction firms to implement safe management measures for a safe restart.

On a seasonally-adjusted quarterly basis, the construction sector spiked 38.7 percent, a rebound from the sharp contraction of 59.4 percent in the second quarter when most construction activities had to come to a stop due to the Circuit Breaker and movement restrictions in the foreign worker dormitories.

The services producing industries contracted 8.0 percent on year in Q3, an improvement from the 13.6 percent decline in the previous quarter. Within services, aviation- and tourism-related sectors like air transport and accommodation continued to see significant contractions, as global travel restrictions and sluggish travel demand brought air travel and visitor arrivals to a near complete standstill. Other trade-related services sectors, such as wholesale trade, were also weighed down by weak external demand as major economies around the world continued to grapple with the COVID-19 pandemic.

On a seasonally-adjusted quarterly basis, the services producing industries expanded 6.8 percent, a reversal from the 11.2 percent decline seen in the second quarter.

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