Singapore GDP Q3
According to the latest data released by the Ministry of Trade and Industry (MTI), Singapore's economy grew faster than expected in the third quarter of 2022. Meanwhile, the Monetary Authority of Singapore tightened policy for a fifth time in the past year in a widely expected move, as rising costs continue to weigh on the economy.
The GDP in the third quarter came in at 4.4%, representing a downgrade of 0.1 percentage points over the previous quarter.
In the third quarter of 2022, the manufacturing sector grew by 1.5%, down from 5.7% in the previous quarter. The growth was driven by output expansions in the transport engineering, general manufacturing, and precision engineering clusters.
The construction sector grew by 7.8% in the third quarter, partly supported by the easing of border restrictions. In absolute terms, the value-added of the construction sector remained 18% below pre-pandemic levels.
Among the services sectors, the wholesale and retail trade, as well as the transportation and storage sectors, collectively grew by 6.2% year-on-year in the third quarter.