Singapore's economy grows 10.6% in Q3
2010-11-18 17:48:26
Preliminary estimates showed that the Singapore economy grew by 10.6 percent on a year-on-year basis in the third quarter of 2010, the Singapore government said on Thursday.
This is slower than the record expansion of 19.5 percent in the second quarter, Singapore's Ministry of Trade and Industry (MTI) said in a statement.
Growth momentum, as measured on a seasonally adjusted annualized quarter-on-quarter basis, fell sharply by 18.7 percent, a reversal from the growth of 27.3 percent in the preceding quarter.
The manufacturing sector and the wholesale & retail sector registered double-digit growth in the third quarter, expanded by 14.3 percent and 14.4 percent respectively on a year-on-year basis.
The financial services sector expanded by 9.3 percent on a year-on-year basis in the third quarter. The construction sector posted a year-on-year growth of 7.1 percent. The transport & storage sector also posted a lower growth of 4.7 percent in the third quarter.