Singapore – 3Q 2018 GDP (Advance)
12/10/2018 09:57 am MYT
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Based on advanced estimates, the Singapore economy grew by 2.6%, year-on-year, in 3Q 2018 – see figure 1. Growth in the manufacturing sector slowed to 4.5%, with output in most manufacturing clusters recorded slower growth. Meanwhile, the construction sector contracted by 3.1% from a year ago, weighed down by a decline in public sector construction activities.

The services-providing industries expanded by 2.9% (see table 1), supported by the finance & insurance, business services and wholesale & retail trade sectors.

On a quarter-on-quarter seasonally adjusted annualised basis, real GDP increased by 4.7% in 3Q 2018. All sectors expanded at a faster pace than the preceding quarter – see table 2.

 

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Even four months after the Covid-19 pandemic broke out, scientists still do not fully understand the mysterious coronavirus - hence, no cure is in sight. Although an increasing number of countries are relaxing restrictions and reopening their economies, with the threat of the SARS-CoV-2 virus still grave and present, most businesses cannot operate normally and some remain closed. As a result, the retrenchment wave has started, with the SME Association of Malaysia reporting that some companies have already retrenched a third of their staff, with more retrenchments on the way. Meanwhile, the Malaysian Employers Federation, the country’s biggest federation of employers, warned that more than 2 mln people may lose their jobs after Raya.

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