The Singapore economy grew by 0.7% on a y-o-y basis in the 3Q2023, according to the Ministry of Trade and Industry’s (MTI) advance estimates.
On a q-o-q seasonally-adjusted basis, the economy expanded by 1.0%.
The quarter’s overall GDP was led by expansions in the construction sector which rose by 6.0% y-o-y, as well as accommodation & food services, real estate, administrative & support services and other services, which rose by 4.7% y-o-y.
This was offset by the 5.0% contraction in the manufacturing industry, the only sector to see a dip on a y-o-y basis.
On a q-o-q basis, manufacturing and construction registered improvements at 0.2% and 0.6% respectively while information & communications, finance & insurance and professional services as well as accommodation & food services, real estate, administrative & support services and other services rose by 0.7% and 1.4% q-o-q respectively. Wholesale & retail trade and transportation & storage fell by 0.1% q-o-q.
