* Advance estimates

1. The Singapore economy continued to register strong growth in the third quarter of 2007. Advance estimates1 show that real gross domestic product (GDP) rose by 9.4 per cent on a year-on-year basis in third quarter, up from 8.7 per cent in the previous quarter, indicating that the economy is well on track to meet the 7-8 per cent growth forecast by MTI in August 2007 for the year as a whole. On a quarter-on-quarter seasonally adjusted annualised basis, real GDP growth decelerated to 6.4 per cent from 14.4 per cent a quarter earlier.
   
   
2. Underpinned by strong growth in the biomedical manufacturing and transport engineering clusters, the manufacturing sector is estimated to have grown by 12.3 per cent in the third quarter, up from 8.3 per cent in the previous quarter.
   
   
3. The construction sector is estimated to have grown by a robust 15.5 per cent compared with 18.8 per cent in the second quarter.
   
   
4. Growth of the services producing industries is estimated to have eased slightly to 8.1 per cent in the third quarter from 8.4 per cent in the preceding quarter. Growth was led by the financial services sector.
   
   
5. The preliminary GDP estimates for the third quarter of 2007, including sectoral performances, sources of growth, inflation, employment and productivity, will be released in November 2007 in the Economic Survey of Singapore.
   
   
   MINISTRY OF TRADE AND INDUSTRY
   10 October 2007
   
   

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   1The advance GDP estimates for third quarter 2007 are computed largely from the first two months’ data (i.e. July and August 2007). They are intended as an early indication of the GDP growth in the quarter, and are subject to revision when more comprehensive data becomes available.

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