Boosted by tourism and construction, the economy expanded 1 per cent over the previous quarter. Read more at straitstimes.com.
SINGAPORE – Singapore’s economy grew at a faster than expected pace in the third quarter of 2023, boosted by an expansion in tourist-related services and a modest improvement in manufacturing activity.
“Against the external outlook, prospects for the Singapore economy are muted in the near term but should improve gradually in the second half of 2024,” the central bank said. Ms Selina Ling, chief economist and head of global markets research and strategy at OCBC Bank, said the year-on-year contraction in the manufacturing sector was milder than expected.
On a quarter-on-quarter seasonally adjusted basis, the construction sector posted growth of 0.6 per cent, moderating from the 2.7 per cent growth in the second quarter. Growth in the information and communications sector was supported by the information technology and information services segment. Growth in the professional services sector was driven by the architectural and engineering, technical testing and analysis and other professional, scientific and technical services segments.
Dr Chua Hak Bin, an economist at Maybank, told The Straits Times that the third-quarter GDP growth was above expectations, as the MTI had factored in a manufacturing recovery in September, though the September data has not been released yet. He also noted Singapore was starting to see some green shoots in the electronics cycle, reinforcing his view that a modest growth recovery is under way.
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