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Singapore records 2.2 percent growth in Q3

Singapore’s economic growth rate in the third quarter was 2.2 percent, the country’s Ministry of Trade and Industry (MTI) said on November 22.
Singapore records 2.2 percent growth in Q3 ảnh 1Singapore posts an economic growth rate of 2.2 percent in Q3 (Photo: AFP/VNA)

Singapore (VNA) –Singapore’s economic growth rate in the third quarter was 2.2 percent, thecountry’s Ministry of Trade and Industry (MTI) said on November 22.  

With this rate, the growth forthe year is forecast at 3 – 3.5 percent.

The Q3 growth rate is lower thanearlier forecasts by MTI and Reuters’s poll, due to declining growth in keysectors. The manufacturing sector grew by only 3.5 percent in the quarter,compared to 10.7 percent in Q2, while services expanded by 0.5 percent, onlyone third of the rate in the previous quarter. The construction industryrecorded a growth of 2.3 percent, much lower than the 4.2 percent in Q2.

Meanwhile, non-oil exportsmaintained a strong growth of 8 percent, compared to Q2 figure of 9.3 percent.

The MTI forecast that Singapore’seconomic growth next year would be 1.5 – 3.5 percent, under the impacts of theglobal economic situation and slowdown in major economies.-VNA
VNA
#Singapore’s economic growth#Singapore's economy#Ministry of Trade and Industry of Singapore#Singapore's non-oil exports#Sinagpore's manufacturing sector#Vietnamplus#Vietnam News Agency
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