Singapore records high economic growth in three years (Source: straitstimes)

Hanoi (VNA) – The Singapore economy expanded by 4.6 percent year on year in the third quarter of this year, the highest growth in three years, according to the Ministry of Trade and Industry (MTI).

The figure is higher than the 2.9 percent growth in the previous quarter, the MIT said in a report on October 13.

According to the MTI, on a seasonally adjusted basis, the country’s GDP grew 6.3 percent in the third quarter from 2.4 percent in the second quarter.

The increase was attributable to the robust manufacturing sector expansion, by 15.5 percent year on year in the third quarter, in comparison to the 8.2 percent growth in the previous quarter. The strong surge was seen in the electronics, biomedical manufacturing and precision engineering clusters.

The service industries grew by 2.6 percent year on year in the reviewed quarter, a little higher than the 2.5 percent growth in the previous quarter. The growth was largely supported by the finance-insurance, wholesale-retail trade and transportation-storage sectors.

Meanwhile, the construction sector continued to decline, down by 6.3 percent from a year ago in the third quarter. The sector was weighed down primarily by continued weakness in private sector construction activities.

In August, Singapore's full year growth was forecast to come in the 2–3 percent range, rather than the previous forecast of 1-3 percent.-VNA