Singapore's economy in the third quarter grew slower than in the previous quarter but remained on track for the forecast growth of between 13-15 per cent for this year, the Ministry of Trade and Industry today said.
It said the decline in growth momentum was an expected correction from the exceptional growth in the first half of the year.
The country's gross domestic product grew by 10.3 per cent in the third quarter, said the ministry in a statement. On a seasonally-adjusted quarter-on-quarter annualised basis, the economy contracted by 19.8 per cent, a reversal from the growth of 27.3 per cent in the previous quarter.
Contraction in manufacturing and construction sectors triggered the economic slow down. The manufacturing and construction sectors shrunk by 57 per cent and 12 percent after expanding by 67 per cent and 29 per cent, respectively, in the preceding quarter.