The Singaporean economy grew by 0.6 percent in the third quarter of this year, the country’s Ministry of Trade and Industry (MTI) announced on October 14.
Hanoi (VNA) – The Singaporean economy grew by 0.6 percent in 🍒the third quarter of this year, the country’s Ministry of Trade and Industry (MTI) announ𝄹ced on October 14.
The increase was slower than the 1.7 percent median estimate by economists surveyed by the Monetary Authority of Singapore (MAS) last month.
On a quarter-on-quarter seasonally-adjusted annualised basis, the economy contracted by 4.1 percent, a reversal from the 0.3 percent growth in the preceding quarter.
Manufacturing sector contracted by 1.1 percent year-on-year in the third quarter, a reversal from the 1.4 percent expansion in the previous quarter. The sector was primarily weighed down by a decline in the output of the transport engineering, biomedical manufacturing and general manufacturing cluster.
Singaporean Minister of Trade and Industry Lim Hng Kiang conceded that the economy may experience negative growth in the next months. Earlier, the Government lowered its economic growth projection for 2016 to 1-2 percent instead of 1-3 percent.
Economists also predicted that the prospect of Singaporean economy is rather dim between now and the year’s end.-VNA
Singapore ’s economy rose only 1.8 percent year-on-year in the first quarter of this year, according to estimates released by the country’s Ministry of Trade and Industry.
The Singaporean economy grew 2.2 percent on a year-on-year basis in the second quarter of this year, marginally higher than the 2.1 percent expansion in the previous quarter.
Singapore has lowered its economic growth forecast for 2016 to between 1-2 percent, down from the initial range of 1-3 percent, the Singaporean Ministry of Trade and Industry (MTI) said on August 11.
Analysists lowered Singapore’s economic growth forecast in 2017 from 2.1 percent to 1.8 percent, equal to the level of 2016, following the results of a survey conducted by the Monetary Authority.
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Illustrative image (Source: VNA)
