Singapore’s economy expanded more slowly in the third quarter than in the second, mainly due to a deceleration in manufacturing growth.
Gross domestic product expanded 4.1% in the July-September period from a year earlier, according to revised data released by the Ministry of Trade and Industry on Wednesday. That compared with the advance estimate of 4.4% growth and with the 4.5% expansion marked in the second quarter.
Goods-producing industries expanded 1.6% on year in the third quarter, slowing from the second quarter’s 5.3% growth, the data showed. Manufacturing grew 0.8%, sharply down from 5.6%, while construction climbed 7.8%, compared with the previous quarter’s 4.8% growth.
Services-producing industries grew 5.8% on year in the third quarter, compared with 5.0% in the second quarter.
On a quarter-over-quarter seasonally adjusted basis, GDP grew 1.1% in the third quarter, the revised data showed. That compared with the advance estimate indicating a 1.5% expansion and with the 0.1% contraction recorded in the second quarter.
Taking into account the performance of Singapore’s economy in the first three quarters of the year and the latest external and domestic developments, MTI narrowed the 2022 GDP growth forecast to around 3.5% from 3.0% to 4.0%. For 2023, GDP is expected to grow by 0.5% to 2.5%, it said.