SINGAPORE: The Singapore economy expanded by 4.1 per cent year-on-year (y-o-y) in gross domestic product (GDP) for the third quarter of 2024 (3Q 2024), up from a 2.9 per cent rise in the previous quarter, according to the Ministry of Trade and Industry (MITI) today.

In its advance estimates, MTI reported that on a quarter-on-quarter seasonally-adjusted basis, the economy expanded by 2.1 per cent, accelerating from 0.4 per cent growth in the second quarter.

The advance GDP estimates for 3Q 2024 are computed largely from data for the first two months of the quarter and are subject to revision when more comprehensive data becomes available.

On sectoral performance, MTI said the manufacturing sector expanded by 7.5 per cent y-o-y in 3Q 2024, rebounding from a 1.1 per cent contraction in the previous quarter.

"Growth in the sector was supported by output expansions across all manufacturing clusters, except for the biomedical manufacturing cluster," MTI said.

Meanwhile, the construction sector grew by 3.1 per cent y-o-y in 3Q 2024, easing from 4.8 per cent growth in the preceding quarter, driven by increased public sector construction output.

Among the services sectors, the wholesale and retail trade and transportation & storage sectors collectively expanded by 3.5 per cent y-o-y in 3Q 2024, following 3.9 per cent growth in the previous quarter.

"All sectors within the group, except for the retail trade sector, posted growth during the quarter," MTI added.

The group of sectors comprising information and communications, finance and insurance, and professional services grew by 4.3 per cent y-o-y in 3Q 2024, moderating from 5.4 per cent growth in the previous quarter, with all sectors in the group expanding.

The remaining group of services sectors – accommodation and food services, real estate, administrative and support services, and other services – grew by 1.0 per cent y-o-y in 3Q 2024, maintaining the same pace as recorded in the preceding quarter.

MTI will release the preliminary GDP estimates for 3Q 2024, including sectoral performance, sources of growth, inflation, employment, and productivity, in the Economic Survey of Singapore next month.

– BERNAMA