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Singapore’s economy slows in Q3, but beats estimates

by ChemOrbis Editorial Team - content@chemorbis.com
  • 14/10/2015 (14:01)
According to data released by Singapore’s Ministry of Trade and Industry (MTI), the country’s economic growth in the third quarter slowed to 1.4% from a year earlier after expanding 2% in the second quarter. Economists’ estimates called for a growth rate of 1.3% in a survey conducted by Bloomberg. The deceleration in the export-oriented Singapore economy was led by weak global trade and economic turmoil in China.

On a quarterly basis, meanwhile, Singapore’s gross domestic product (GDP) rose 0.1% on an annualized pace following a 2.5% contraction in the previous quarter. The data also showed that the country’s manufacturing posted an annualized decline of 3.6% in the July-September period while construction contracted 0.8%. However, the services sector grew 0.8% in the same period.

Following the release of Q3 growth data, meanwhile, the Monetary Authority of Singapore (MAS) has eased its monetary policy for the second time this year in order to spur economic growth. Accordingly, the MAS will slightly reduce the rate of appreciation in the local dollar versus those of its trading partners.
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