Singapore's gross domestic product expanded 1.4 percent on year in the third quarter of 2015, the Ministry of Trade and Industry said in Wednesday's first estimate.
That beat forecasts for an increase of 1.3 percent, although it was down from the 2.0 percent gain in the second quarter.
Seasonally adjusted and on an annualized quarterly basis, GDP added 0.1 percent versus forecasts for a decline of 0.1 percent following the 2.5 percent contraction in the three months prior.
Upon the release of the data, the MTI maintained its growth forecast for the Singapore economy at 2.0 to 2.5 percent.
The manufacturing sector contracted 6.0 percent on year in the third quarter, extending the 4.9 percent decline in the previous quarter. The contraction was largely due to a fall in the output of the electronics, biomedical manufacturing and transport engineering clusters, the ministry said.
On a quarterly basis, the sector contracted at an annualized rate of 3.6 percent following the 17.4 percent contraction in the preceding quarter.
The construction sector expanded 1.6 percent on year in the third quarter, moderating from the 2.0 percent growth in the previous quarter. The slowdown was mainly due to weaker private sector construction activities, the ministry said.
On a quarter-on-quarter seasonally-adjusted annualized basis, the sector contracted 0.8 percent - a reversal from the 12.4 percent expansion in the preceding quarter.
Growth in the services producing industries came in at 3.0 percent on year in the third quarter, slower than the 3.6 percent growth in the previous quarter. The moderation in growth was largely due to a slower pace of expansion in the wholesale & retail trade and finance & insurance sectors.
On a quarter-on-quarter basis, the services producing industries expanded at an annualized rate of 0.8 percent, an improvement from the 0.2 percent expansion in the preceding quarter.
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