Singapore's GDP up 7.1 pct in Q3

Singapore's gross domestic product (GDP) is estimated to have grown by 7.1 percent in the third quarter compared to the same period of the previous year.

According to the advance estimates released by the Ministry of Trade and Industry (MTI) on Tuesday, the manufacturing sector is estimated to have grown by 10.0 percent in the third quarter.

The moderation was attributed to slower growth in biomedical manufacturing, electronics and chemicals clusters while precision engineering and transport engineering clusters strengthened from the previous quarter.

The construction sector continued to pick up in the third quarter. It is estimated to have expanded by 1.0 percent, after registering a 0.3 percent growth in the previous quarter.

Growth of the services producing industries is estimated to have eased slightly to 6.6 percent in the third quarter.

With the exception of wholesale and retail trade, and hotel and restaurants sectors, all other services sectors registered slower growth.

Singapore's GDP grew by 10.8 percent year-on-year in the first quarter and by 8.1 percent in the second quarter while the MTI forecast the country's economic growth rate for the whole year to be between 6.5 percent and 7.5 percent.

Source: Xinhua