Economy
Singapore’s economy witnesses modest growth at 0.7% in Q3 2023
Amidst a modest 0.7% Q3 2023 growth, Singapore’s economy reveals underlying vulnerabilities as all sectors report year-on-year declines compared to Q3 2022, spotlighting economic challenges despite having exited the pandemic earlier this year.
In the wake of the pandemic, Singapore’s economy struggles to gain robust traction, demonstrating a mere 0.7% growth in the third quarter of 2023 on a year-on-year basis, as per the advance estimates from the Ministry of Trade and Industry (MTI).
While a 1.0% expansion was seen on a quarter-on-quarter seasonally-adjusted basis, faster than the preceding quarter’s 0.1%, different sectors of the economy showed contrasting trajectories.
The manufacturing sector shrank by 5.0% YoY, even while making a tepid 0.2% recovery on a quarter-to-quarter basis.
The construction sector, despite expanding by 6.0% YoY, reflected a moderated quarter-on-quarter growth of 0.6%, hinting at potential stability issues ahead as it witnessed a deceleration in growth from the second quarter’s 7.7%.
Service Sectors: A Mixed Bag of Performances
The services sectors painted a varied picture. The wholesale & retail trade and transportation & storage sectors collectively expanded by 0.6% year-on-year, with the fuels & chemicals and air transport segments being key drivers in their respective sectors.
Conversely, a 0.1% contraction was recorded on a quarter-on-quarter basis, reverting from a 3.0% expansion in Q2.
Meanwhile, the group, including information & communications, finance & insurance, and professional services, witnessed a 1.5% expansion year-on-year, with notable contributions from the IT & information services and architectural & engineering segments.
However, the finance & insurance sector experienced a contraction, primarily due to a weaker performance in the banking and insurance segments. On a quarter-to-quarter basis, this group’s growth moderated to 0.7% from the previous quarter’s 1.1%.
In the remaining services sector, comprising accommodation & food services, real estate, administrative & support services, and others, a year-on-year growth of 4.7% was recorded, with a particularly strong showing from the accommodation sector due to a recovery in international visitor arrivals. Moreover, a quarter-on-quarter growth of 1.4% was noted, accelerating from 0.4% in Q2.
While the mixed results across various sectors indicate the complexities faced by the economy, these preliminary GDP estimates underscore the subtle dynamism underlying Singapore’s economic trajectory amidst global challenges.
Further insights and detailed analyses on sectoral performances, sources of growth, inflation, employment, and productivity will be unveiled in the Economic Survey of Singapore, slated for release in November 2023.
A closer examination into Singapore’s Q3 2023 economic performance reveals a troubling panorama beneath the modest 0.7% growth, as all sectors have experienced a year-on-year decline when compared to Q3 2022 figures, notwithstanding the exit from the pandemic in February this year.
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By massively importing nearly 600,000 into tiny Singapore over the last 2 years plus, that’s almost 10% or more extra in population.
By massively and sometimes wasteful civil constructions here and there and expenditure to the tune of over $20 billions a year.
What we get is a measly 0.7% growth? Without the above lax policies and simulative expenditures, SG should be in the deep negative growth for the last few years already
Such poor results !!! Should cut Mini-stars and Mayonniase salaries !!!
Sorry they imported so many talents here and foreigners work and yet can’t meet KPI ? Sad thing indeed.
And still dare to increase GST to 9%!!!
Of course blame Ukraine ? now blame Hamas? What do you think?
What happens to Taman Jurong Pineapple King? Still drawing more than $1 million dollar salaries?
61 % = Time to wake up your fxx idea !!
When growth reached 5-7 per cent ANNUALLY in the 70s 80s WHICH is the NORM, Old Lee cabinet members SET the BENCH MARK. People like Leng Swee, Sui Sen, Barker work TIRELESSLY, SELFLESSLY for SG. COMPARED with all these CURRENT BASTARDS, esp ONE BIG idiot DO NOT even KNOW sheep CANNOT PRODUCE cotton.
All these BLUE BIRD 4G, 5G ONLY KNOW HOW TO INCREASE Fares, Raise FEES, Raise PRICES, RAISE GST – as all these ARE EASILY COMPULSIONED.
During Old Lee’s PMship times, SG economy grow annually from between 4-7 per cent WITHOUT FAIL for years and years. What happened under Loong? Why? What’s the BLOODY difference? Don’t blame the world – and use world changes AS BLOODY BIG EEXCUSE. Simple reason is SG under Blue Bird Loong has AND was NOT NOT PLUGGED in AND FLOW with the tides of the world in politics, social and econ DEVELOPMENTS. Too MUCH, EXCESSIVE FOCUS directed towards FIXING opposition, whether politicians or anti PAP citizens. Tgther WITH EASY way, USING TONS of CHEAP LABOUR in LIEU of striving to improve… Read more »
As mentioned many times before, everyone seems to forget that SG growth was about 0.5-0.7% BEFORE covid – meaning frankly the monkeys weren’t doing a good job then, and now. The huge draw-out on our reserves during covid was likely PRIMARILY to kick-start the economy while SECONDARILY to combat covid, meaning covid was a very opportune event to use our reserves to bail out failed policies. The fact that now every form of tax, fees, fares, etc …. has to increase just confirm the monkeys have OVERSPEND on our previous reserves, and is DESPERATE to replenish it fast.
One nation propped up by construction and real estate. How lucrative.
Unfortunately most Singaporeans do not benefit. Most construction workers are foreigners. So are the consultants and construction companies. With only 20% owning private property, the 80% “plebeians” are left to fight for the scraps.
The Pappy ‘s controlled establishments are using the various government outfits to run SG like a huge profitable corporation through monopolistic wholly own entities the like of SLA,in collaboration with HDB, Government owned privatized hospital groups, Government Linked Companies ,LTA,MOM etc💰💰💰 generating enormous revenue through taxation, levies and subsidized charges without any care for the ensuing increase in the cost of living that is ultimately borne by Singapore 🇸🇬 citizens. The Singapore economy is literally not growing at all,with exports and manufacturing output consecutively falling the last 11months ,and inflation hovering above 4%,would likely be confronted with stagflation in the… Read more »