MANUFACTURING SECTOR GROWTH
After contracting by 1.1 percent the previous quarter, the manufacturing industry increased by 7.5 percent in the fourth quarter. In the first third, the market experienced a 1.5 % decline.
” All manufacturing clusters, aside from the biological production cluster, saw output expansions across the sector,” said MTI.
On a quarter-on-quarter seasonally adjusted base, the business grew by 9.9 per share, compared with the 1.2 per cent downturn in the second quarter.
The construction business expanded by 3.1 per share in the second quarter, versus the 4.8 per cent rise in the previous third. The result of public sector building increased, contributing to the growth.
” On a quarter-on-quarter seasonally adjusted basis, the industry’s growth was smooth, moderating from the 3.4 per cent rise in the second quarter”, said MTI.
The trade, transportation, and storage sectors, both in the wholesale and retail sectors, increased by 3.5 % from the previous quarter, building on the 3.9 % increase in the second quarter.
With the exception of retail business, all other groups ‘ sectors experienced progress.
Progress in the transportation and storage market was generally supported by water and air travel, while wholesale business expansion was driven by the equipment, equipment and supplies, and “others” segments.
The class of industries comprising the information and communications, banking and insurance, and specialized services sectors grew 4.3 per cent year-on-year in the second quarter, moderating from the 5.3 per cent rise in the previous third.
Growth in the information and communications market was primarily driven by the IT and data services business, while the specialist services market was generally supported by the segment with the exception of the head offices and business representative offices.
” Meanwhile, the banking and healthcare field grew on the rear of an expansion in action across all segments, especially the bank, activities supplementary to financial services and fund management segments”, MTI said.
On a quarter-on-quarter seasonally adjusted base, the class of industries grew 1.6 per cent compared to 1.2 per share in the second quarter.
The group comprising lodging and food services, real estate, administrative and support services, and other service grew 1 per cent in the second quarter, unchanged from the previous quarter. The growth of the company was fueled by the accommodations and other services sectors.
” In particular, the accommodation sector expanded in tandem with the continued recovery in international visitor arrivals”, said MTI.
On a quarter-on-quarter seasonally adjusted basis, the sectors within the group collectively grew 0.8 per cent in the third quarter, a turnaround from the 1.3 per cent contraction in the second quarter.
The Economic Survey of Singapore will publish the preliminary GDP estimates for the third quarter of 2024 next month that will include information on inflation, employment, and productivity.