SINGAPORE-- The Singapore economy grew by 5.2 per cent on a year-on-year (yoy) basis in the third quarter, faster than the 2.9 per cent growth in the previous quarter, according to the republic's Ministry of Trade and Industry (MTI).
In a statement here today, MTI said, the economy was also expected to grow by 3.0 to 3.5 per cent in 2017, and by 1.5 to 3.5 per cent in 2018.
During the quarter, MTI said, the manufacturing sector grew by 18.4 per cent yoy, much faster than the 8.4 per cent growth in the preceding quarter.
All clusters within the manufacturing sector expanded, with the exception of the transport engineering cluster, which continued to register a decline in output on the back of sustained weakness in the marine & offshore engineering segment, it said.
It said the construction sector contracted by 7.6 per cent year-on-year, extending the 9.1 per cent decline in the previous quarter, due to weakness in both private and public sector construction activities.
The wholesale & retail trade sector expanded by 2.2 per cent yoy compared to 2.1 per cent growth in the second quarter.
The transportation & storage sector grew at a faster pace of 4.6 per cent yoy, compared to the 3.4 per cent expansion in the second quarter.
The accommodation & food services sector contracted by 2.1 per cent yoy, extending the two per cent contraction in the preceding quarter.
Growth in the information & communications sector came in at 4.9 per cent on a yoy basis, higher than the 1.5 per cent in the preceding quarter.
The finance & insurance sector grew by 5.9 per cent yoy, better than the 4.2 per cent growth in the second quarter.
The business services sector recorded growth of 1.4 per cent yoy, compared to 1.3 per cent achieved in the second quarter.
The other services industries expanded by two per cent yoy, moderating from the 3.2 per cent growth in the preceding quarter.
Growth was mainly supported by the education, health & social services and the arts, entertainment & recreation segments.
For the rest of the year, MTI said, Singapore's gross domestic product (GDP) growth was expected to moderate but remain firm.
In particular, it said, the externally-oriented sectors were projected to continue to expand, albeit at a more modest pace, and support growth for the rest of the year.
It said domestically-oriented sectors like the health, education & social services sector were also expected to remain resilient.
For 2018, MTI said, the pace of growth of the Singapore economy was expected to moderate compared to 2017, but would remain firm.
"The manufacturing sector is likely to continue to expand and provide support to overall GDP growth.
In particular, the electronics and precision engineering clusters are expected to see sustained expansions on the back of healthy demand in the global semiconductor and semiconductor equipment markets, although the pace of expansion is likely to taper in 2018 given less favourable base effects, it said.
Source: NAM NEWS NETWORK
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