Singapore’s economy grows at slower pace

Expansion: Workers at a construction site in Singapore. The country’s construction sector’s growth was largely due to low base effects given the slow resumption of activities. — AFP

SINGAPORE: Singapore’s economy expanded at a slower annual pace in the third quarter compared with the previous three-month period when growth was boosted by a low-base effect.

Gross domestic product (GDP) rose 6.5% on a year-on-year (y-o-y) basis in the July-September period, moderating from 15.2% growth in the previous quarter, said the Ministry of Trade and Industry (MTI) yesterday.