Singapore’s economy grows faster than expected in Q3

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SINGAPORE — Singapore’s economy grew faster than previously estimated in the third quarter, thanks to strong growth in goods- and services-producing industries. The country’s gross domestic product expanded 7.1% in the July-September quarter from a year earlier, according to data released by the Ministry of Trade and Industry on Wednesday. That compared with the advance estimate of a 6.5% expansion in the third quarter and with 15.2% expansion in the second quarter.

Goods-producing industries expanded 11.1% on year in the third quarter, compared with 22.8% growth in the second quarter. Manufacturing grew 7.2% in the third quarter, extending the 17.9% expansion in the second quarter. Construction soared 66.3% on year in the third quarter, following 117.5% expansion in the second quarter. Services-producing industries grew 6.3% on year in the third quarter, after 10.9% growth in the second quarter. On a quarter-on-quarter seasonally-adjusted basis, GDP grew 1.3% in the July-September period, the data showed. That compared with the advance estimate of a 0.8% expansion in the third quarter and with 1.4% contraction in the second quarter. The 2021 GDP growth forecast for Singapore was narrowed to around 7.0% from 6.0% to 7.0% previously, the ministry said. For 2022, the city-state’s GDP growth is projected at 3.0% to 5.0%, it said.



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