The rest of the sectors reported y-o-y and q-o-q expansions with the exception of the wholesale & retail trade and transportation & storage sector, which contracted by 0.6% q-o-q.
Singapore’s gross domestic product (GDP) grew by 4.1% on a y-o-y in the 3Q2024, according to advance estimates released by the Ministry of Trade and Industry (MTI) on Oct 14. This was led by the manufacturing sector which expanded by 7.5% y-o-y, rebounding from the 1.1% y-o-y contraction in the previous quarter.
On a q-o-q seasonally-adjusted basis, the country’s economy expanded by 2.1%, faster than the 0.4% q-o-q growth seen in the 2Q2024. Singapore’s GDP also rose by 2.1% on a y-o-y basis in 2Q2024. The higher q-o-q expansion was also led by the manufacturing sector, which rose by 9.9% compared to the previous quarter’s 1.2% contraction.
