SINGAPORE: The Singaporean economy expanded by 5.4 per cent year-on-year in the third quarter, faster than the advance estimate of 4.1 per cent, the Ministry of Trade and Industry (MTI) said on Friday, according to Xinhua.
The growth in the third quarter was primarily driven by the manufacturing, wholesale trade, as well as finance and insurance sectors, which were bolstered in part by the upturn in the global electronics cycle.
Consumer-facing sectors continued to contract due to sustained strength in outbound travel by locals and a slower-than-anticipated recovery in international visitors.
Noting that Singapore’s overall external demand outlook would remain resilient for the rest of this year, the MTI upgraded the whole-year growth forecast to around 3.5 per cent from the previous range of 2 to 3 per cent.
The MTI also predicted that the growth range for Singapore’s economy would stay between 1 per cent and 3 per cent next year.
Meanwhile, the non-oil domestic exports (NODX) in Singapore grew by 9.2 per cent year-on-year in the third quarter of this year, in a sharp contrast to the 6.5 per cent decrease in the previous quarter, the government agency Enterprise Singapore said on Friday.
Singapore’s domestic exports of electronic products rose by 17 per cent year-on-year from July to September, while domestic exports of non-electronic products grew by 7 per cent.
NODX to Singapore’s top markets increased in the third quarter. Malaysia, China, and the United States were the largest contributors to the expansion.
Enterprise Singapore downgraded the NODX growth forecast to around 1 per cent for 2024 due to volatile pharmaceuticals as well as ships and boats segments.
Singapore’s total merchandise trade grew by 5.5 per cent year-on-year from July to September. Its services trade increased 13.9 per cent to S$235 billion (US$175 billion). – BERNAMA-XINHUA
