Analysts at TD Securities note that Singapore’s GDP grew 3.0% q/q annualised, 2.2% y/y.
Key Quotes
“The breakdown reveals that service sector growth held up, growing by 4.6% q/q. However, goods producing industries were softer, up 2.9% q/q with manufacturing slowing to a 3.0% q/q pace from 3.3% previously.”
“Construction rebounded to grow by 5.1% q/q. Consumer related sectors were particularly weak, with accommodation and food services growing at a slower pace. The data will likely put a dampener on SGD, but is unlikely to have implications on policy at this stage.”
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