Follow Singapore Investment Immigration and stay updated on Singapore's economic developments: On November 21, the Singapore Ministry of Trade and Industry announced that the year-on-year GDP growth for the third quarter was revised to 5.8%, an increase of 0.7 percentage points from the forecast released in October. The annualized quarter-on-quarter growth rate was revised to 1.3%. Meanwhile, the full-year economic growth forecast has been raised to between 3.5% and 4%, with a projected growth of 2% to 4% for 2014.
In the third quarter of this year, Singapore's manufacturing sector grew by 5.5% year-on-year, supported by a strong rebound in transport engineering and a recovery in the electronics industry, an acceleration of 4.2 percentage points compared to the second quarter. The annualized quarter-on-quarter growth rate saw a further increase of 0.1%, building on the significant 33.5% surge in the previous quarter. Driven by the finance, insurance, wholesale, and retail sectors, the service industry grew by 6.3% year-on-year, 0.5 percentage points higher than in the second quarter, with an annualized quarter-on-quarter growth of 2.8% following a 12.9% increase in the previous quarter. Due to a decline in public non-residential projects, the construction industry grew by only 5.3% year-on-year, a slowdown of 1.6 percentage points from the second quarter, with an annualized quarter-on-quarter decline of 2.5%.
