Singapore’s economy shrank 1 percent on a quarter-on-quarter basis in the July to September period, slowing sharply from double-digit growth in the previous three months.
The slowdown, however, was less severe than anticipated as analysts had expected a contraction of 3.6 percent, according to a Reuters poll.
On a year-on-year basis, the economy grew a better-than-expected 5.1 percent, compared with forecasts for a rise of 3.8 percent.
The deceleration in growth was partly driven by the manufacturing sector, with activity slowing in July and August due to weakness in the electronics and pharmaceutical industries.
Financial services were also a drag, as equity and foreign exchange market activities fell on concerns over the Federal Reserve winding down its monetary stimulus and the threat of military intervention in Syria.
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Mingze Wu
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