SINGAPORE (Reuters) – Singapore’s economic system grew 5.4% within the July-September quarter from a yr earlier, greater than the 4.1% official advance estimate launched final month and above market expectations, authorities knowledge confirmed on Friday.
The expansion was greater than a median forecast of 4.6% in a Reuters ballot of economists, and annual development of three.0% within the second quarter.On a quarter-on-quarter, seasonally adjusted foundation, GDP expanded 3.2% within the July to September interval, greater than each the advance estimate of two.1% and the June quarter development of 0.5%.
The commerce ministry upgraded its GDP development forecast for 2024 to “round 3.5%” from a earlier vary of two.0% to three.0%.
The ministry mentioned it expects development of 1.0% to three.0% in 2025.
The MAS left financial coverage settings unchanged final month in its final overview of the yr as inflation pressures continued to reasonable and development prospects improved.
The MAS has mentioned core inflation ought to ease to round 2% by the tip of this yr. Annual inflation was 2.8% in September.
