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Singapore’s economic growth slows to a pace of 0.6% in Q3

by ChemOrbis Editorial Team -
  • 14/10/2016 (14:33)
According to media reports, the Singaporean economy expanded just 0.6% on the year in the third quarter from the same period of last year, missing economists’ growth forecast of 1.7% in a survey by the Monetary Authority of Singapore (MAS). The latest figure is also below the 2% growth recorded in Q2. On a quarterly basis, the country’s gross domestic product (GDP) shrank 4.1% in the July-September period compared to the 0.2% expansion in the previous three months.

ING’s chief economist Tim Condon put the blame on the stagnant manufacturing activity for the slowing economy while the Ministry of Trade and Industry (MTI) reported that the slowdown in the economy stemmed from the private sector construction activities.

The latest data showed that Singapore’s manufacturing activity fell by 1.1% on the year following a 1.4% increase in the previous quarter while it decreased by 17.4% on a quarterly basis. Services sector activity slightly contracted 0.1% compared to the 1.2% expansion in the previous quarter. The construction sector posted a 2.5% growth, slower than a 2.6% expansion in the previous quarter.

According to figures released by the Department of Statistics (SingStat), the country’s retail sales, except motor vehicles, declined 1.1% in August compared to last year. On a month over month basis, retail sales declined 1%, while excluding motor vehicles it was down 6.5% on a monthly basis.

Data showed that the computer and telecommunications retail sales fell by 19.6%, retail sales for food, beverages and tobacco decreased 2.5% on the year.
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