Singapore revised Q3 growth and 2016 forecast
According to data from the Ministry of Trade and Industry (MTI), Singapore’s growth in Q3 of 2016 is now at 1.1% on a yearly basis. MTI had previously announced this rate at 0.6%. Although it was revised upwards, the growth rate is still below the 2% recorded in Q2, said MTI.
According to the reports, the economy shrank by 2% on a quarter-on-quarter seasonally adjusted annualized basis, when compared to the 4.1% contraction that was previously estimated. Again, despite this upward revision, the economic growth was still worse than the 0.1% of Q2.
MTI estimates Singapore’s economy to grow by 1%-1.5% by the end of the year, which will be weaker than the 2% of 2015.
The data also showed that the service sector expanded by 0.2% year on year while it contracted by 0.1% on a quarterly basis, when compared to the 0.7% decrease in the previous three months.
The wholesale and retail sector contracted by 1.5% year on year. It decreased 2.7% on a quarter-on-quarter seasonally adjusted annualized basis after the 0.1% growth in Q2, data reveals.
The manufacturing sector reportedly grew by 1.3% on a yearly basis. However, the sector shrank 9.1% on a quarterly basis when compared to the 2.1% growth in Q2.
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