Singapore economy expands 4.6% in Q3, highest growth in three years

15:08 | 13/10/2017 Cooperation Follow Ven.vn on

The Singapore economy expanded by 4.6 per cent in the third quarter, the highest growth in more than three years and much better than forecast.

Singapore economy expands 4.6% in Q3, highest growth in three years

PHOTO: ST FILE

Analysts polled by Bloomberg had tipped growth of 3.8 percent in the three months to September, after the economy grew by a stronger-than-expected 2.9 percent in the second quarter as exports and manufacturing rebounded.

The manufacturing sector continued its strong performance, growing by 15.5 percent on a year-on-year basis in the third quarter, faster than the 8.2 percent growth in the previous quarter, according to advance estimates from the Ministry of Trade & Industry on Friday (Oct 13).

Growth was driven by the electronics, biomedical manufacturing and precision engineering segments. On a quarter-on-quarter basis, manufacturing grew at a faster pace of 23.1 percent, compared to the 3.2 percent growth in the second quarter.

The services producing industries grew by 2.6 percent, similar to the 2.5 percent growth in the second quarter, with growth largely coming from the finance & insurance, wholesale & retail trade and transportation & storage segments. Quarter-on-quarter, the services sector expanded by 1.5 percent, moderating from the 3.3 percent growth in the previous quarter.

The construction sector continued to suffer, contracting by 6.3 percent, extending the 6.8 percent decline in the previous quarter. The sector was weighed down mainly by continued weakness in private sector construction activities. Quarter-on-quarter, construction contracted by 9.2 percent, a reversal from the 2.4 percent growth in the second quarter.

The Government in August narrowed upwards its forecast for economic growth this year to 2 percent to 3 percent, from an earlier estimate of 1 percent to 3 percent.

At the same time on Friday morning, the Monetary Authority of Singapore (MAS) in its semi-annual monetary policy decision kept its exchange-rate based policy steady as expected by most analysts even as growth surged to a three-year high.

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Việt Nam calls for Canada’s support in green development

09:48 | 24/05/2023 Vietnam and other regions

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Czech Republic very important partner of Việt Nam: NA Chairman

09:42 | 24/05/2023 Vietnam and EU

National Assembly Chairman Vương Đình Huệ on Tuesday affirmed that the Czech Republic is a very important partner of Việt Nam in Central-Eastern Europe, during his reception for Deputy Speaker of the Chamber of Deputies of the Czech parliament Jan Bartosek in Hà Nội on Tuesday.

Việt Nam wants to step up multi-faceted cooperation with Slovenia PM

09:26 | 24/05/2023 Vietnam and EU

Prime Minister Phạm Minh Chính noted his belief that Slovenian Deputy Prime Minister and Minister of Foreign and European Affairs Tanja Fajon’s official visit to Việt Nam from May 22-23 will contribute to advancing the traditional friendship and good cooperation between the two countries across spheres.

Ample opportunity for Việt Nam-Slovenia trade, investment

06:00 | 24/05/2023 Vietnam and EU

HCM City will improve its business climate and create favorable conditions for foreign businesses, especially those from Slovenia, to invest in the city, said a city official.

Vietnamese leaders welcome Chairman of United Russia Party

08:53 | 23/05/2023 Vietnam and other regions

Party General Secretary Nguyễn Phú Trọng has emphasised that Việt Nam always values the traditional friendship and comprehensive strategic partnership with Russia, and the Communist Party of Việt Nam (CPV) attaches importance to developing relations with political parties in Russia, including the United Russia Party (URP).

PM Chính highlights Việt Nam’s stance on peace, stability and development

09:25 | 22/05/2023 Cooperation

PM Chính said Việt Nam would do its best to contribute to peace, stability and sustainable development of mankind.

Việt Nam affirms commitment to full implementation of Chemical Weapons Convention

09:21 | 22/05/2023 Cooperation

The ambassador reaffirmed Việt Nam's consistent stance on backing the non-proliferation of and complete and verifiable disarmament of weapons of mass destruction, including chemical weapons. Việt Nam condemns any use of chemical weapons by anyone, anywhere, under any circumstances and for any motive, he stated.

PM Chính meets US, EC leaders within G7 Summit

09:04 | 22/05/2023 Cooperation

Prime Minister Phạm Minh Chính met US President Joe Biden and President of the European Council (EC) Charles Michel on Saturday, within the framework of the expanded summit of the Group of Seven (G7).

PM Chính discusses FDI, ODA and visas with PM Kishida

08:55 | 22/05/2023 Vietnam and other regions

The two leaders discussed specific measures to promote the extensive strategic partnership between the two countries to a new height as they held a talk on the sidelines of the expanded Summit of the Group of Seven (G7) in Hiroshima, Japan.

PM Chính asks for G7's support in making Việt Nam regional centre of renewable energy

08:49 | 22/05/2023 Cooperation

Attending the second session of the expanded Summit of the Group of Seven (G7) in Hiroshima, Japan, PM Chính raised Việt Nam’s point of view on ensuring fairness and reasonableness, taking into account the different conditions and levels between countries, ensuring a strategic balance between clean energy transition and global energy security, and developing fair, diversified, highly practical energy transition roadmaps in line with market rules.

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