2017.11.2219:47:00UTC+00Singapore GDP Surges 8.8% In Q3

Singapore's gross domestic product expanded a seasonally adjusted 8.8 percent on quarter in the third quarter of 2017, the Ministry of Trade and Industry said in Thursday final revision.

That was up from last month's advance estimate of 6.3 percent on quarter, and it accelerated from 2.2 percent in the second quarter.

On a yearly basis, GDP jumped 5.2 percent - again improving on the estimate of 4.6 percent and up from 2.9 percent in the three months prior.

The manufacturing sector surged 34.6 percent on quarter and 18.4 percent on year, while the construction sector contracted 5.3 percent on quarter and 7.6 percent on year.

Wholesale and retail trade added 2.1 percent on quarter and 2.2 percent on year, while transportation advanced 4.8 percent on quarter and 4.6 percent on year.

Accommodations advanced 4.1 percent on quarter but contracted 2.1 percent on year, while the communications sector jumped 10.9 percent on quarter and 4.9 percent on year.

The finance sector expanded 7.6 percent on quarter and 5.9 percent on year, while the business services sector shrank 1.0 percent on quarter but gained 1.4 percent on year.

Upon the release of the data, the MTI upgraded its GDP growth forecast for 2017 to 3.0 to 3.5 percent.

For 2018, the MTI sees GDP growth at between 1.5 and 3.5 percent.