ASEAN KEY DESTINATIONS
Singapore economy up in Q3 with expansion into 2014 expected
SINGAPORE: Singapore's economy posted a 5.1 per cent on-year growth for the third quarter of 2013, said the Ministry of Trade and Industry in advanced estimates released on Monday.
This is compared to the 4.2 per cent recorded in the preceding quarter.
The market was expecting a 3.8-per cent growth.
On a quarter-on-quarter seasonally-adjusted annualised basis, the economy contracted by 1.0 per cent, compared to the 16.9 per cent growth in the previous quarter.
Economists on average were expecting a contraction of 4 per cent.
Looking ahead, the Monetary Authority of Singapore said in a separate statement, that it expects the economy to continue to expand for the rest of 2013 and into 2014, although some volatility in growth rates is likely.
It added that barring a significant deterioration in global demand conditions, the labour market will remain tight, and inflation could rise as firms pass on accumulated costs with the MAS Core Inflation (excluding private transport and accommodation costs) coming in at 1.8 per cent on year in August, compared to 1.6 per cent in the first seven months of the year.
In the breakdown given by MTI, the manufacturing sector expanded 4.5 per cent on-year, stronger than the 1.3-per cent growth in the previous quarter. On a quarter-on-quarter basis, the sector declined 3.4 per cent, in contrast to the 33.5-per cent expansion in the preceding quarter.
The construction sector grew 3.6 per cent on-year, down from 6.9 per cent in the preceding quarter. The sector contracted 8.8 per cent on-quarter, a sharp contrast from the 20.9-per cent growth in the previous quarter.
The services producing industries grew 5.7 per cent on-year, similar to the 5.6-per cent growth in the previous quarter. The sector grew 1.0 per cent on-quarter, moderating from the 12.3-per cent expansion in the preceding quarter.
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