By Gaurav Raghuvanshi
SINGAPORE--Singapore's economy grew at a slower-than-expected pace in the third quarter, though both manufacturing and construction recovered from the previous three months.
Gross domestic product grew 4.7% on a seasonally adjusted and annualized basis in the July-September period versus the previous three months, according to advance estimates released by the Ministry of Trade and Industry on Friday. That compared with a upwardly-revised 1.2% expansion in the previous three months and a 5.4% growth estimate by a Wall Street Journal poll of economists.
The economy is estimated to have expanded 2.6% in the third quarter from a year ago, slowing from a revised 4.1% growth in the previous quarter. The economists' poll had a median forecast for 2.6% on year growth in the third quarter.
Manufacturing output grew 4.5% year-over-year, after a 10.6% gain in the second quarter. Measured on quarter, manufacturing growth accelerated to 7.6% from 2.9% in the second quarter.
The construction sector contracted 3.1% from a year ago after a 4.2% decline in the second quarter. Measured on quarter, the construction sector grew 1.7%, reversing a 14.5% decline in the previous three months.
Services output was steady, expanding 2.9% on year, the data showed.
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