Singapore’s quarter-on-quarter GDP surpasses the government’s initial estimate of 6.3%, hitting 8.8% in Q3 on an annualized and seasonally adjusted basis, said the Ministry of Trade and Industry on Thursday.
The ministry has also upgraded its growth forecast for this year to 3-3.5%, from the previous projection of 2-3%. Growth in 2018 is estimated at 1.5-3.5%, the ministry added.
In addition, GDP was up 5.2 % year-on-year in Q3, compared with the initial estimate of 4.6%.
The growth is buoyed by manufacturing, which surged almost by 35% quarter-on-quarter in Q3, while the ministry expects expansion in the US and some emerging markets to improve global growth next year.
The downside risks such as protectionism, US policy uncertainty, and tensions around North Korea will be here to stay next year, according to the ministry.
However, the ministry remains optimistic, saying it sees signs of a broadening recovery, with business services and retail looking better in Q3.
Hong Kong Q3 GDP buoyed by export growth
Hong Kong also released GDP growth numbers earlier this month. Year-on-year Q3 GDP growth hits 3.6% in real term, lower than Q2’s 3.9%. On a seasonally adjusted quarter-to-quarter comparison, real GDP in Q3 grew by 0.5%, compared with 1% in Q2.
“This marked the fourth consecutive quarter of above-trend economic expansion,” said the Hong Kong SAR government in a statement. “External demand stayed vibrant, supported by the broadly benign global economic conditions. Domestic demand attained solid growth, led by the brisk expansion of private consumption. On a seasonally adjusted quarter-to-quarter comparison, real GDP grew by 0.5% in the third quarter.”
Hong Kong’s year-on-year growth of total exports of goods reached 5.5% in real term in Q3, supported by demand from Asian markets while exports of services picked up to grow by 3.7%, backed up regional trade and cargo flows as well as the recovery in inbound tourism, the government noted in the statement.