Advance estimates show Singapore’s GDP grows by 6.5 percent in Q3

Singapore’s Ministry of Trade and Industry announced Thursday that based on advance estimates, the country’s GDP grew by 6.5 percent year on year in the third quarter of 2021, moderating from the 15.2 percent growth in the previous quarter.

On a seasonally-adjusted basis, Singapore’s economy grew by 0.8 percent quarter on quarter, compared to the 1.4 percent decline in the previous quarter.

In a breakdown, Singapore’s manufacturing sector expanded by 7.5 percent year on year in the third quarter, extending the 18 percent growth in the previous quarter. The continued growth was supported by output expansions in all clusters, except for the chemicals cluster.

The construction sector expanded by 57.9 percent year on year in the third quarter, following the 117.5 percent growth in the previous quarter. Growth was largely due to low base effects given the slow resumption of construction activities after the Circuit Breaker period last year.

Meanwhile, the services producing industries expanded by 5.5 percent year on year, compared to the 10.8 percent expansion in the previous quarter.

The advanced GDP estimates were computed largely from data in the first two months of the quarter, according to the ministry. These figures are intended as an early indication of the GDP growth in the quarter, and are subject to revision when more comprehensive data become available.

The ministry said it will release the preliminary GDP estimates for the third quarter in November.