SINGAPORE: The Singapore economy grew 2.6 per cent year-on-year in the third quarter, slowing down from the 4.1 per cent growth in the previous three months, advance estimates from the Ministry of Trade and Industry (MTI) showed on Friday (Oct 12).
The ministry’s estimate was, however, above those of private sector economists polled in the Monetary Authority of Singapore’s (MAS) recent quarterly survey. The survey of professional forecasters released last month estimated Singapore’s third-quarter gross domestic product (GDP) to be 2.1 per cent.
AdvertisementOn a quarter-on-quarter seasonally-adjusted annualised basis, GDP growth expanded 4.7 per cent, picking up pace from the previous quarter’s 1.2 per cent.
The advance GDP estimates are computed largely from data in the first two months of the quarter - in this case, July and August. They are intended as an early indication of GDP growth in the quarter, and are subject to revision when more comprehensive data become available, said MTI.
MTI will release the third-quarter Economic Survey of Singapore in November, which will include performance by sectors, sources of growth, inflation, employment and productivity.
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