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Financial News: Singapore GDP Jumps 7.1% On Year In Q3

Singapore GDP Jumps 7.1% On Year In Q3

11/23/2021 - 19:47:00 (RTTNews)

(RTTNews) - Singapore's gross domestic product expanded 7.1 percent on year in the third quarter of 2021, the Ministry of Trade and Industry said on Wednesday.

That beat expectations for an increase of 6.5 percent following the upwardly revised 15.2 percent spike in the previous three months (originally 14.7 percent).

On a seasonally adjusted quarterly basis, GDP was up 1.3 percent - again beating forecasts for a gain of 1.0 percent following the upwardly revised 1.4 percent contraction in the second quarter (originally -1.8 percent).

Upon the release of the data, the MTI raised its forecast for annual growth in 2021 to 7.0 percent and in the range of 3 to 5 percent in 2022.

By sectors, the manufacturing sector grew 7.2 percent on year, moderating from 17.9 percent growth in the preceding quarter. On a quarterly basis, the manufacturing sector shrank by 0.1 percent, easing from the 2.2 percent contraction in the second quarter.

The construction sector surged 66.3 percent on year, slowing from the 117.5 percent expansion in Q2. On quarter, the sector gained 4.9 percent, a reversal from the 2.4 percent contraction in the second quarter.

The wholesale trade sector gained 5.9 percent on year, faster than the 3.4 percent expansion in the previous quarter. On quarter, the sector registered flat growth, improving from the 0.6 per cent contraction in the preceding quarter.

The retail trade sector expanded by 0.7 percent on year, slower from the 51.1 percent surge in the previous quarter. On quarter, the sector grew 3.1 percent, a reversal from the 4.3 percent contraction in the preceding quarter.

Growth in the transportation & storage sector slowed to 8.2 percent on year, from 20.1 percent in the second quarter. On quarter, the sector expanded by 1.3 percent, a turnaround from the 2.3 percent contraction in Q2.

The accommodation sector contracted by 4.1 percent on year, a reversal from the 15.8 percent expansion in the preceding quarter. On quarter, the sector grew by 3.6 percent, moderating from the 4.5 percent growth in the previous quarter.

The food and beverage services sector shrank 4.2 percent on year, in contrast to the 36.9 percent expansion in the second quarter. On quarter, the sector contracted by 2.8 percent, extending the 8.0 percent contraction in Q2.

The information and communications sector jumped 10.4 percent on year, the same pace of growth as in the previous quarter. On quarter, the sector grew 6.2 percent, faster than the 1.0 percent growth in the second quarter.

Growth in the finance and insurance sector came in at 9.0 percent on year, extending the 9.8 percent gain in the preceding quarter. On quarter, the sector expanded marginally by 0.2 percent, moderating from the 2.7 percent growth in the previous quarter.

The real estate sector grew 16.8 percent on year, slower than the 26.3 percent growth in the preceding quarter. On quarter, the sector saw growth of 3.9 percent, a turnaround from the contraction of 3.3 percent in the second quarter.

The professional services sector expanded 4.4 percent on year, moderating from the 10.8 percent expansion in the previous quarter. On quarter, the sector added 1.2 percent, extending the 0.9 percent growth in the preceding quarter.

The administrative and support services sector contracted by 1.3 percent on year, following the flat growth in the second quarter. On quarter, the sector expanded marginally by 0.2 percent, improving from the 1.1 percent contraction in the previous quarter.

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