Singapore's economy grows 2.4 % in the third quarter

Among the sectors, growth in the services producing industries was 2.9 per cent on a year-on-year basis, slightly higher than the 2.8 per cent growth in the preceding quarter. Growth came mainly from the finance & insurance and business services
Among the sectors, growth in the services producing industries was 2.9 per cent on a year-on-year basis, slightly higher than the 2.8 per cent growth in the preceding quarter. Growth came mainly from the finance & insurance and business services sectors. -- ST PHOTO: LIM YAOHUI

SINGAPORE - Singapore's economy grew 2.4 per cent in the third quarter compared with a year ago, advance estimates from the Ministry of Trade and Industry (MTI) showed Tuesday morning, similar to the 2.4 per cent growth rate shown in the second quarter.

The third-quarter growth rate was slightly lower than the 2.7 per cent economists were expecting.

Among the sectors, growth in the services producing industries was 2.9 per cent on a year-on-year basis, slightly higher than the 2.8 per cent growth in the preceding quarter. Growth came mainly from the finance & insurance and business services sectors.

The manufacturing sector grew by 1.4 per cent, similar to the 1.5 per cent growth in the preceding quarter.

The construction sector grew by 1.4 per cent on a year-on-year basis, slower than the 4.1 per cent growth in the previous quarter.

The advance estimates are based mainly on data from July and August.

The Singapore stock market was 0.25 per cent lower after the first hour of trading.

sushyan@sph.com.sg