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Singapore Local Trade Eases to 11.3 Percent

The telecommunications and computers industry saw  flat year-on-year performance in the third quarter.The telecommunications and computers industry saw  flat year-on-year performance in the third quarter.

Singapore’s domestic wholesale trade expanded by 11.3% in the September quarter, compared with the same period a year ago, slowing from growth of 18.5% in the second quarter and 23.5% in the first three months of the year. Quarter on quarter, this trade dropped by 3.7%.

Excluding petroleum, domestic wholesale trade rose by a smaller 2.7% from a year ago, according to Department of Statistics data released on Monday. Quarter on quarter, it declined 0.9%, Reuters reported.

After adjusting for price changes, overall domestic wholesale trade rose by 1.3% from a year ago.

On a year-on-year basis, domestic sales of petroleum and petroleum products, ship chandlers and bunkering, and chemicals & chemical products industries expanded by 23%, 20.9% and 0.2% respectively in third quarter, due primarily to increases in prices of petroleum and chemical products.

After removing the price effect, the volume of domestic sales for the petroleum and petroleum products industry saw a smaller increase of 3% while the chemicals and chemical products and ship chandlers and bunkering industries contracted by 11.5% and 0.7% respectively.

Year-on-year growth in domestic sales was also reported in the general wholesale trade (13.8%), electronic components (3.2%), transport equipment (2.6%), metals, timber and construction materials (2.3%) and industrial and construction machinery (2%).

The telecommunications and computers industry saw flat year-on-year performance in the third quarter.

The household equipment and furniture, food and tobacco industries suffered year-on-year drops in domestic sales of 29.8% and 5.2% respectively.

Meanwhile, for the third quarter, Singapore’s economy likely grew at a faster pace than what the advanced gross domestic product figure suggested–which was already the strongest in more than three years–according to private sector economists.

The ministry of trade and industry is set to release the final reading of GDP growth for the July to September quarter on Nov 23, which will include detailed information on sectoral performance, sources of growth, inflation, employment and productivity.

Economists that Channel NewsAsia spoke to have estimates ranging from 4.7% to 5.1%–all above the advanced GDP figure of 4.6% and well up from the second quarter’s 2.9% growth.

If these predictions come to pass, it will mark the economy’s fastest growth pace in more than three years, with the most bullish forecast being the strongest growth since the third quarter of 2013.

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