<\/p>\n
Singapore\u2019s economy grew 4.1% year-on-year (y-o-y) in the third quarter of 2024, much faster than the 2.9% growth in the previous quarter, according to official advance estimates.<\/p>\n
On a quarter-on-quarter seasonally adjusted basis, the economy expanded by 2.1%, stated the Trade and Industry Ministry on Oct 14.<\/p>\n
This is faster than the 0.4% growth in the second quarter.<\/p>\n
The growth acceleration came on the back of a manufacturing rebound.<\/p>\n
The sector expanded by 7.5% y-o-y in the third quarter, after contracting 1.1% in the previous quarter.<\/p>\n
Besides, the growth was led by output expansions across all manufacturing clusters, except for biomedical manufacturing.<\/p>\n
The construction sector grew 3.1% y-o-y, slowing from 4.8% in the second quarter, with growth coming from an increase in public sector projects.<\/p>\n
For the services industries, the information and communications, finance and insurance, and professional services sectors collectively grew 4.3%, although this was slower than the 5.4% growth in the second quarter.<\/p>\n
Growth in these sectors was supported by expansion in segments like information technology and information services, and head offices and business representative offices.<\/p>\n
In particular, the finance and insurance sector grew on the back of an expansion in activity across all segments, especially banking, activities related to financial services and fund management.<\/p>\n
The wholesale and retail trade, as well as transportation and storage sectors, collectively expanded by 3.5% in the third quarter, extending the 3.9% growth in the second quarter.<\/p>\n
The retail trade sector was the only segment that did not post growth in the third quarter.<\/p>\n
Growth in the accommodation and food services, real estate, administrative and support services and other services sectors, was unchanged at 1% in the third quarter.<\/p>\n
Furthermore, the government in August narrowed its 2024 growth forecast to 2% to 3%, the upper end of its previous forecast range of 1% to 3%.<\/p>\n
<\/p>","protected":false},"excerpt":{"rendered":"
Singapore\u2019s economy grew 4.1% year-on-year (y-o-y) in the third quarter of 2024, much faster than the 2.9% growth in the previous quarter, according to official advance estimates. On a quarter-on-quarter seasonally adjusted basis, the economy expanded by 2.1%, stated the Trade and Industry Ministry on Oct 14. This is faster than the 0.4% growth in […]<\/p>\n","protected":false},"author":1,"featured_media":2698,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2697","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bez-rubriki"],"featured_image_src":{"landsacpe":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2024\/10\/Singapore-108-1140x445.jpeg",1140,445,true],"list":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2024\/10\/Singapore-108-463x348.jpeg",463,348,true],"medium":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2024\/10\/Singapore-108-300x219.jpeg",300,219,true],"full":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2024\/10\/Singapore-108.jpeg",1200,874,false]},"_links":{"self":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts\/2697","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/comments?post=2697"}],"version-history":[{"count":1,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts\/2697\/revisions"}],"predecessor-version":[{"id":2699,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts\/2697\/revisions\/2699"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/media\/2698"}],"wp:attachment":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/media?parent=2697"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/categories?post=2697"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/tags?post=2697"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}