Singapore’s GDP grows at a slower pace of 6.5% in the third quarter: advance estimates

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SECTOR PERFORMANCE

The manufacturing sector grew 7.5% year-on-year in the third quarter, extending the 18% growth from the previous quarter.

Growth was supported by the expansion of production in all clusters, particularly the electronics and precision engineering clusters which “continued to show strong growth, driven by sustained global demand for semi – conductors and semiconductor equipment, ”MTI said.

The construction sector grew 57.9 percent in the third quarter, following growth of 117.5 percent in the previous quarter.

MTI said that growth was “largely due to weak base effects given the slow recovery in construction activity after the ‘breaker’ period last year.”

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Service-producing industries grew 5.5 percent in the third quarter. Among sectors, wholesale and retail trade as well as transportation and warehousing increased 5 percent, extending the 8.5 percent growth from the previous quarter.

While the wholesale sector has grown on the back of a pickup in external demand, growth in the transport and storage sector was in part due to weak base effects, MTI said, as strict restrictions on Borders had “weighed heavily” on the air transport segment in the third quarter of last year.

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The information and communications, finance and insurance, and professional services sectors collectively grew 7.7 percent, extending the 10.1 percent growth from the previous quarter.

The rest of the group of service industries – accommodation and food services, real estate, administrative and support services, and other service industries – grew 3.1 percent, slowing from the expansion of 14.5 percent recorded in the previous quarter.

Within the group, the real estate and other services sectors grew, while the accommodation and food services and administrative and support services sectors contracted, MTI said.

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“The weak performance of the accommodation and food services and administrative and support services sectors is mainly due to ongoing travel restrictions, as well as tighter domestic restrictions during the quarter to slow the community spread of the disease. virus, ”the ministry said.

Singapore’s economy is expected to recover this year after contracting 5.4% last year in the country’s worst recession since independence.

The official range of growth forecasts for 2021 was last raised in August to 6-7%.

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