Singapore's economy grows faster than expected in Q3
Singapore's economy grew at a faster pace than expected in the third quarter of 2023, driven by the rebound in the tourism and manufacturing sectors compared to the previous quarter, according to the estimated data from the Ministry of Trade and Industry (MTI).
Singapore (VNA) - Singapore's economy grew at afaster pace than expected in the third quarter of 2023, driven by the reboundin the tourism and manufacturing sectors compared to the previous quarter, accordingto the estimated data from the Ministry of Trade and Industry (MTI).
The ministry said in a release this month that based on advance estimates, the Singaporeeconomy grew by 0.7% on a year-on-year basis in the third quarter, extendingthe 0.5% growth in the previous quarter.
On a quarter-on-quarter seasonally adjusted basis, itexpanded by 1%, faster than the 0.1% growth in the preceding quarter.
The growth-supporting sectors in the third quarter of 2023included construction, services, information and communications, finance,insurance, and professional services. Additionally, the electronics sector hasalso shown signs of recovery.
The Monetary Authority of Singapore (MAS) said GDP growth in2023 is expected to come in at the lower half of the 0.5% to 1.5% forecastrange. Prospects for the economy are muted in the near term, but should improvegradually in the second half of 2024, the central bank said./.
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