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Singapore’s GDP grows despite slower construction

by ChemOrbis Editorial Team -
  • 14/10/2014 (16:36)
Singapore’s construction sector contracted by 2.7% from the previous quarter in the July-September period of 2014, according to media reports. This was the second largest fall since the third quarter of 2010, when the sector shrank 4.6%. In the second quarter, the construction sector also contracted 2.4%. The sector accounted for 4.4% of the country’s total gross domestic product in 2013.

Despite this contraction in the construction sector, Singapore’s economy expanded more than estimated in the third quarter of the year. According to analysts, stronger global demand helped boost the country’s manufacturing.

The Singaporean economy grew 1.2% year over year in the three months through September from the previous quarter, when it contracted a revised 0.1%. On a yearly basis, the economy expanded 2.4% in the July-September period. Manufacturing climbed 1.2% on the year in the third quarter after posting a 15.1% slump in the previous quarter.

According to the government, the country’s economy will expand 2.5-3.5% this year.
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