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Singapore’s Q3 economic growth revised up to 1.9%

by ChemOrbis Editorial Team -
  • 25/11/2015 (12:06)
According to data released by Singapore’s Ministry of Trade and Industry (MTI), the country’s gross domestic product (GDP) posted quarterly growth of 1.9% in the third quarter, beating the government’s initial estimate of 0.1% growth. The latest growth rate was also higher than Bloomberg economists’ estimates, which called for a growth rate of 1.4%, while it also indicated a reversal from the 2.6% quarterly contraction in the second quarter. On a yearly basis, Singapore’s economy also grew 1.9% in the July-September period.

The upwardly revised growth rate was attributed to stronger performance in the services sector, which helped offset weaker manufacturing activities and the slowing Chinese economy. Service sector output expanded 3.6% in the third quarter compared with the same period of 2014 while the manufacturing sector contracted 6.2% from a year earlier.

The Singaporean government expects the economy to grow between 1-3% in 2016, claiming that the country’s economy will remain resilient despite a challenging global environment. For exports, meanwhile, the Trade and Industry Ministry cut its forecast for non-oil domestic export growth to 0.5% to 1 percent from their previous estimates of 1% to 2% for 2015. According to the ministry, non-oil export shipments will increase as much as 2% in 2016.
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