The
Singapore Economy
3Q 2001
All major
sectors performed worse than the previous quarter. In particular,
the manufacturing sector recorded an unprecedented double-digit
decline.
| Sector |
2000 |
1Q00 |
2Q00 |
3Q00 |
4Q00 |
1Q01 |
2Q01 |
3Q01 |
| Percentage
Change over Corresponding Period of Previous Year |
| Total |
9.9 |
9.8 |
8.4 |
10.3 |
11.0 |
4.8 |
-0.5 |
-5.6 |
| Goods
Producing Industries |
10.1 |
6.5 |
8.9 |
11.0 |
13.7 |
2.6 |
-6.4 |
-15.0 |
| Manufacturing |
15.2 |
13.2 |
13.2 |
15.2 |
18.8 |
2.7 |
-8.8 |
-19.1 |
| Construction |
-4.6 |
-10.9 |
-3.9 |
-1.1 |
-1.9 |
2.0 |
0.4 |
-3.9 |
| Services
Producing Industries |
8.9 |
10.4 |
7.2 |
9.2 |
8.7 |
5.6 |
2.6 |
-0.5 |
| Wholesale
and retail |
15.2 |
17.3 |
15.3 |
15.4 |
13.1 |
7.1 |
-1.1 |
-8.0 |
| Hotels
and restaurants |
8.2 |
10.7 |
6.8 |
9.9 |
5.6 |
2.5 |
-0.7 |
-4.0 |
| Transport
and Communications |
9.0 |
9.9 |
9.7 |
9.5 |
6.8 |
4.7 |
2.8 |
2.1 |
| Financial
services |
4.1 |
11.6 |
-4.0 |
3.1 |
7.5 |
2.4 |
4.2 |
1.3 |
| Business
Services |
6.6 |
5.2 |
6.5 |
7.4 |
7.1 |
5.7 |
3.5 |
0.6 |
| Annualised
Growth Rate - Seasonally-adjusted |
| Total |
9.9 |
13.0 |
10.8 |
9.8 |
10.3 |
-10.2 |
-9.7 |
-11.1 |
| Goods
Producting Industries |
10.1 |
12.2 |
13.6 |
11.9 |
17.6 |
-26.1 |
-21.1 |
-24.1 |
| Manufacturing |
15.2 |
15.4 |
19.8 |
16.0 |
24.9 |
-36.2 |
-25.5 |
-27.9 |
| Construction |
-4.6 |
4.4 |
-4.4 |
-0.7 |
-5.9 |
20.8 |
-10.1 |
-16.7 |
| Services
Producing Industries |
8.9 |
12.6 |
7.9 |
8.4 |
5.7 |
0.5 |
-3.7 |
-4.4 |
| Wholesale
& Retail |
15.2 |
20.9 |
13.1 |
11.1 |
8.2 |
-3.0 |
-18.3 |
-16.7 |
| Hotels
& Restaurants |
8.2 |
15.2 |
4.9 |
4.5 |
-1.6 |
2.5 |
-7.9 |
-8.4 |
| Transport
& Communications |
9.0 |
12.2 |
7.4 |
7.8 |
0.0 |
3.6 |
-0.2 |
5.3 |
| Financial
Services |
4.1 |
5.0 |
5.9 |
3.7 |
15.0 |
-12.5 |
13.2 |
-7.3 |
| Business
Services |
6.6 |
11.9 |
7.3 |
6.7 |
3.0 |
6.1 |
-1.4 |
-4.9 |
THE MANUFACTURING SECTOR
was down by a hefty 19 percent, the sharpest decline on record.
In particular, the electronics industry fell by 35 percent, with
all major electronics segments registering declines. The machinery
& equipment, fabricated metal products, printing & publishing
and rubber & plastic products industries also recorded double-digit
declines. The transport equipment industry, however, increased
substantially by 25 percent on the back of expansions in both
the marine and aviation segments. The chemicals & chemical
products industry also surged by 28 percent, with higher production
in the pharmaceuticals and petrochemicals segments.
THE
CONSTRUCTION SECTOR
contracted by 3.9 percent after achieving positive growth in the
first half of this year. The decline was attributed to the continued
weakness in private sector construction activity and a general
slowdown in public sector construction works. Certified payments
fell further by 6.2 percent, due mainly to the decline in residential
and commercial building activity. Total contracts awarded dropped
by 13 percent, with the fall in private construction demand ameliorated
by modest growth in the public sector.
THE
WHOLESALE AND RETAILTRADE SECTOR
contracted considerably by 8.0% in the third quarter, following
a 1.1% drop in the second quarter. Entrepot trade remained affected
by the weaker global and regional economic conditions. Non-oil
re-exports fell 12% in the third quarter, substantially lower
than the 3.9% growth in the previous quarter. Domestic trade was
affected by poor consumer sentiments and the 0.7% drop in visitor
arrivals.
THE
HOTELS AND RESTAURANTS SECTOR
shrank by 4.0% in the third quarter on the back of the dip in
visitor arrivals, following a marginal decline of 0.7 per cent
in the quarter before.
THE
TRANSPORT AND COMMUNICATIONS SECTOR
slowed further to 2.1%, down from 2.8% in the second quarter.
Air cargo handled fell by 14% due to the lower level of trade
activities. However, sea cargo picked up in the third quarter
on the back of a rise in oil bulk cargo. The communications sub-sector
remained relatively healthy, with a continued increase in mobile
phone subscribers and IDD usage.
THE
FINANCIAL SERVICE SECTOR
slowed significantly from 4.2% in the second quarter to 1.3% in
the third quarter. This was due largely to declines in stockbroking
and investment advisory activities as well as offshore lending
in the Asian Dollar Market. Foreign exchange trading activities
registered weaker growth while commercial banks experienced slower
growth in line with weak lending activity. However, the pickup
in insurance services helped support growth in the sector.
THE
BUSINESS SERVICES SECTOR
slowed to 0.6%, down from 3.5% in the second quarter. The
real estate services segment, which accounts for about half of
the sector, remained sluggish on the back of weak demand conditions.
IT services, which had remained healthy until the last quarter,
was badly hit as companies cutback on IT investment spending.
Legal and accounting services as well as business representative
offices also slipped further during the quarter in tandem with
weaker business sentiments.
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