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Economic Growth 2013

MTI (Ministry of Trade and Industry) released the economic performance of Singapore for Q3 (third quarter) of the year 2013. According to the numbers released by MTI, the economy significantly grew by 5.8%. Furthermore, MTI anticipates an overall economic growth of 3.5-4%. This is higher than the previous forecast of 2.5-3.5% increase. The growth is prompted by sectors like:

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Wholesale Trade

When you speak of wholesale trade, it includes electronic components, construction and industrial machinery. Apart from that, others sectors like telecommunications, food, tobacco, petroleum, chemicals and computers also contributed to the rise of the wholesale trade here in Singapore. The Department of Statistics noted a 2.8% growth in this sector (not including petroleum) in Q3 of 2013.

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Manufacturing Industry

There is also a noticeable expansion of the manufacturing industry. According to PMI (Purchasing Managers’ Index), the manufacturing industry increased 51.2% in the month of October 2013. This is higher than September’s which is 50.5%. The increase was attributed to higher orders thereby amplifying the production of factories especially that the holiday season is drawing near.

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Transportation and Storage

The transportation and storage also attributed to the growth of the economy. This is a key sector which supports and enhances the connectivity of Singapore to external markets. In 2012, this sector compromised of 7.7% share of the country’s nominal value added. The sector includes courier services, warehousing, storage, land transport, water transport, air transport and other facilities that support connectivity.

This is good news for the people and the industries/sector. If this continues, things will be better for all people and stakeholders.

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