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Source:
www.mti.gov.sg |
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PERFORMANCE OF THE SINGAPORE ECONOMY IN THIRD QUARTER
2005 AND OUTLOOK FOR 2005 AND 2006 |
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Overall Performance |
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Growth of the Singapore economy accelerated
to 7.0% in 3Q05, from 5.4% in 2Q05. This brings economic growth in the
first three quarters of 2005 to 5.1%. |
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The growth momentum (on an annualised
quarter-on-quarter basis) was 7.1% in 3Q05, compared with 19% a quarter
earlier. |
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Sources of Growth |
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Total demand rose by 8.7% in 3Q05, following
a gain of 6.8% a quarter earlier. This reflected stronger contributions
from both external and domestic demand. |
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Growth of external demand rose to 11%, from
9.6% in 2Q05. Stronger export performance of both goods and services
underpinned this improvement. |
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Total domestic demand grew by 1.1%, compared
with a contraction of 1.6% in the previous three-month period. The
turnaround reflected mainly a smaller drawdown in business inventory,
compared with the same quarter in 2004. This raised the contribution of
inventory changes to economic growth. |
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Sectoral Performance |
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In 3Q05, manufacturing activity expanded at
more than twice the rate in 2Q05. The services industries registered
gains similar to those a quarter earlier. (See Annex). |
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GROWTH IN THE MANUFACTURING SECTOR leapt to
13%, from 6.4% in 2Q05. A surge in biomedical output accounted for much
of this improvement. In 3Q05, growth in the biomedical cluster rose to
62%, from 2.8% in 2Q05. |
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Modest improvements were also seen in the
chemicals and precision engineering clusters during the quarter. Rates
of growth, however, eased in the electronics, transport engineering and
general manufacturing clusters. Reflecting weaker gains in production of
data storage devices, growth of electronics output came in at a lower
2.9%, compared with 4.9% a quarter ago. |
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THE CONSTRUCTION SECTOR registered growth of
0.5% in 3Q05, compared with a decline of 1.3% in 2Q05. |
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The positive growth rate, however, reflected
mainly the low base in the same quarter last year, as growth momentum on
a seasonally-adjusted quarter-on-quarter basis remained negative.
Continued weakness in the sector was also reflected by declines in
certified payments and contracts awarded, by 1.7% and 9.1% respectively. |
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THE WHOLESALE AND RETAIL TRADE SECTOR
expanded by 8.0% in 3Q05, following a gain of 8.7% in 2Q05. |
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Entrepot trade remained robust in the
quarter, with non-oil re-exports growing 12%. Domestic trade improved
further. Excluding motor vehicles, retail sales grew by 7.9% after a
smaller gain of 7.5% in 2Q05. Slower growth in the motor vehicles
segment, however, led to a moderation of overall retail sales growth to
9.9%, from 12% a quarter earlier. |
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More..... |
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Source:
www.mti.gov.sg Press Release 17 Nov
2005 |
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FrontPage Edition: Fri 25 Nov 2005
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