SINGAPORE’S economy grew 4.1 per cent year on year in the third quarter of 2024, an improvement from the previous quarter’s 2.9 per cent growth, advance estimates from the Ministry of Trade and Industry (MTI) showed on Monday (Oct 14) morning.
On a seasonally adjusted quarterly basis, gross domestic product rose by 2.1 per cent, faster than the previous quarter’s 0.4 per cent growth.
Manufacturing grew 7.5 per cent year on year in Q3, reversing from the 1.1 per cent fall charted in the previous quarter.
Sequentially, manufacturing expanded 9.9 per cent, a reversal from the previous quarter’s 1.2 per cent contraction.
Meanwhile, construction grew 3.1 per cent year on year, slowing from the 4.8 per cent growth recorded in the previous quarter.
The sector’s growth was flat sequentially, slowing from the 3.4 per cent growth in the second quarter.
Overall services growth was 3.3 per cent in the third quarter, slowing from the 3.6 per cent growth in the previous quarter. Sequentially, the services industries nudged up 0.3 per cent, slightly slower than the 0.4 per cent in Q2.
