Singapore’s economic growth slows to a pace of 0.6% in Q3
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.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Supply constraints spark stronger PE trend than PP in global markets
- ABS, PS uptrend falters in China after H1 2020 ends at multi-month highs
- Stats: China’s total PP imports spike in May; Vietnam and India’s rising shares shine out
- Tight supply drives HDPE, LLDPE gains in Southeast Asia
- European PE markets set for 2nd bullish month on rising costs
- Turkey’s PP and PE markets propelled to a firm start to H2 despite vulnerable conditions
- Asian PVC sees V-shaped recovery in Q2, what will Q3 bring?
- Will capacity additions cast cloud on ethylene upsurge in Asia?
- US PVC offers in Egypt rise steadily but resistance grows in tandem
- PE buyers’ resistance grows in SEA; duty-free origins more competitive than Mid-East