S'pore's Q3 GDP Grows 4.3% From Q2

Source : The Business Times, November 19 2007

Singapore's economy grew at an annualised, seasonally adjusted rate of 4.3 per cent in the third quarter, final Government data showed on Monday.

But the trade ministry on Monday slightly increased its forecast for 2008, with growth seen at 4.5-6.5 per cent, above its previous forecast of 4-6 per cent. The forecast range for 2007 was narrowed to 7.5-8 per cent from 7-8 per cent.

'The lingering effects of the sub-prime problems in the credit markets and a more generalised weakening of the housing market will dampen consumption in the US,' the ministry said.

The figure compares with an advance estimate, which had been based largely on data from July and August, of 6.4 per cent issued last month.

From a year ago, Singapore's economy expanded by 8.9 per cent in the three months to the end of September, compared with an advance estimate of 9.4 per cent.

Earlier this month, the Singapore government delayed about $2 billion (US$1.4 billion) worth of building projects to 2010 and beyond to cool Singapore's booming construction sector.

The government last month also withdrew a scheme that allowed property buyers to delay payments for homes in a bid to cool the property market.

Manufacturing expanded 10.5 per cent in the third quarter from a year earlier, while construction grew 17.7 per cent. The financial services sector grew 19.9 per cent, partly due to a strong performance in financial services such as private banking and asset management. -- REUTERS