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The third quarter of 2004 saw an
expected moderation of growth in the Singapore economy.
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Advanced estimates1
revealed that real gross domestic product (GDP) in the third quarter rose by
7.7 per cent compared to the same period in 2003.
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On a quarter-on-quarter seasonally adjusted
annualised basis, Singapore's GDP declined by 2.3 per cent in the third
quarter, reflecting a slowdown in the manufacturing and construction sectors.
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Gross Domestic Product at
1995 Market Prices
(*Advance Estimates)
(Percentage change over corresponding period of previous year)
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3Q03
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4Q03
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2003
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1Q04
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2Q04
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3Q04*
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Overall GDP
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1.7
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4.9
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1.1
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7.5
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12.5
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7.7
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Goods- Producing Industries
Manufacturing
Construction
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3.3
-9.6
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8.9
-8.1
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2.8
-10.7
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10.9
1.0
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20.6
-5.9
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12.5
-9.9
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Services- Producing Industries
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1.7
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4.3
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1.0
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6.3
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11.5
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7.2
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Growth in the manufacturing sector
cooled to 12.5 per cent in the third quarter after an exuberant second
quarter.
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This is due largely to the decline
in the biomedical manufacturing cluster arising from changes in production mix
compared to the corresponding period in the previous year.
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However, electronics, chemicals,
precision engineering and transport engineering clusters all turned in
stronger performances year on year.
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Following an earlier contraction
in the second quarter, the construction sector continued to slip by an
estimated 9.9 per cent in the third quarter. Both public and private
construction activities accounted for the further drop.
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The services-producing industries
are estimated to have expanded at a slower pace of 7.2 per cent year-on-year
in the third quarter.
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Slower growth in visitor arrivals
held down expansion in the hotels & restaurants sector, while a drop in
pace of growth within the air transport segment dampened growth in the
transport & communications sector.
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On a more positive note, vibrant
entreport trade propelled the wholesale & retail trade sector. In the
financial services sector, healthy FOREX and fund management activities
propped up growth. Similarly, robust growth in business representative offices
continued to support the business services sector.
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The preliminary GDP estimates for
the third quarter, including sectoral performances, sources of growth,
inflation, employment and productivity, will be released in November 2004 in
the next quarterly Economic Survey of Singapore.
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1The
advance GDP estimates for third quarter 2004 are computed largely from the
first two months' data (i.e. July and August 2004). They are intended as an
early indication of the GDP growth in the quarter, and are subject to revision
when more comprehensive data becomes available.
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Source: Ministry
of Trade & Industry Press Release 11 Oct 2004
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Advance GDP estimates for 3rd quarter 2004
