Today-Oct 14
The Singapore economy grew by 4.4 per cent in the third quarter of the year from the same period a year ago, supported by continued strong growth in the construction and services sectors, advance estimates from the Ministry of Trade and Industry show. The 4.4 per cent growth is a slight easing from the 4.5 per cent year-on-year growth recorded in the previous quarter. But on a quarter-on-quarter basis, the economy still expanded by 1.5 per cent in the third quarter a turnaround from the 0.2 per cent contraction in the second quarter. Growth in the third quarter was partly driven by the construction sector, which expanded by 7.8 per cent year-on-year, accelerating from the 4.8 per cent growth in the preceding quarter. Both public and private construction output picked up during the quarter, supported in part by the easing of border restrictions on the inflow of migrant workers. In absolute terms, the value-added of the sector remained 18 per cent below its pre-pandemic level — that is, as compared with the third quarter of 2019. All services sectors expanded in the third quarter, with the wholesale and retail trade and transportation and storage sectors collectively growing by 6.2 per cent in the quarter from the same period a year ago. This was faster than the 2.9 per cent year-on-year growth that these sectors recorded in the previous quarter. Growth in the wholesale trade sector was mainly driven by the machinery, equipment and supplies segment on account of the resilient performance of Singapore’s non-oil export volumes. Meanwhile, growth in the retail trade and transportation and storage sectors was partly due to the fact that they rebounded from a low base, as domestic and travel restrictions had weighed on activities in these sectors in the third quarter of last year. Read more at: https://www.todayonline.com/singapore/singapore-economy-grows-44-q3-construction-tourism-continue-rebound-mti-2019646
