Singapore's economy grew at an annual 3,2 percent pace in the July-September quarter, down sharply from the blistering 18 percent annual pace growth in the previous quarter, according to a preliminary government estimate today.
It has been a year of extremely uneven growth for Singapore, with the economy shrinking 5.5 percent at an annual pace in the first quarter before surging in the second. Third quarter growth is closer to the government's 3.5 to 4.5 percent economic growth target for 2005. Compared to the same quarter a year ago, the economy grew 6.0 percent in line with economists' projections.
Growth was led by the manufacturing sector, the main driver of the city-state's economy, advancing 10 percent from the same quarter a year ago. Growth was particuarly strong in the biomedical, transport engineering and chemical sectors supported growth in manufacturing, the Ministry of Trade and Industry said.
The services industries expanded by 5.1 percent, matching the pace recorded in the second quarter, the ministry said.
The government's preliminary estimates are intended as an early indicator of GDP performance in the quarter, and are based largely on data in the first two months of the quarter. A more detailed report will be issued in November, AP reports.