Singapore posts an economic growth rate of 2.2 percent in Q3 (Photo: AFP/VNA)

Singapore (VNA) – Singapore’s economic growth rate in the third quarter was 2.2 percent, the country’s Ministry of Trade and Industry (MTI) said on November 22.  

With this rate, the growth for the year is forecast at 3 – 3.5 percent.

The Q3 growth rate is lower than earlier forecasts by MTI and Reuters’s poll, due to declining growth in key sectors. The manufacturing sector grew by only 3.5 percent in the quarter, compared to 10.7 percent in Q2, while services expanded by 0.5 percent, only one third of the rate in the previous quarter. The construction industry recorded a growth of 2.3 percent, much lower than the 4.2 percent in Q2.

Meanwhile, non-oil exports maintained a strong growth of 8 percent, compared to Q2 figure of 9.3 percent.

The MTI forecast that Singapore’s economic growth next year would be 1.5 – 3.5 percent, under the impacts of the global economic situation and slowdown in major economies.-VNA