Singapore’s economy contracted sharply in the September quarter, according to the advance GDP estimate released by the Singaporean Ministry of Trade and Industry (MTI) earlier today.
GDP contracted 4.1% in seasonally-adjusted annual terms (SAAR), an outcome that was well short of forecasts for an increase of 0.3%.
Previously the economy grew 0.2% on a SAAR basis.
It was the sharpest decline since the September quarter of 2012.
The poor quarterly result saw the year-on-year growth rate slow to just 0.6%, below the 1.7% pace expected and downwardly-revised 2.0% level of Q2.
It was the weakest growth rate recorded since the June quarter of 2009.
This table from Statistics Singapore breaks down the headline GDP figure by sector. It was a tale of strength in construction activity being unable to offset weakness from manufacturing and services, particularly in the former.