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SINGAPORE: Asia’s Most Open Economy Expands More Than Expected.

SINGAPORE
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  • Singapore’s GDP growth accelerated in the third quarter, possibly suggesting that economic recovery is building and that sentiment in the region is bottoming.
  • At 2.1% QoQ the expansion was greater than surveys (2.0%) and a big increase from the previous quarter’s expansion of just 0.4%.
  • This sees the Singapore GDP expansion for the year at 4.1%, suggesting that there is more strength in the economy and likely to outperform the country’s forecast.
  • Manufacturing led the expansion growing 7.5% year-on-year, up from the 1.1% contraction in the prior quarter and construction was up 3.1%.
  • Prime Minister Wong had noted in his October 2 video message that the government forecast an easing of inflation in the months ahead, but with the chance it may remain sticky. 
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  • Singapore’s GDP growth accelerated in the third quarter, possibly suggesting that economic recovery is building and that sentiment in the region is bottoming.
  • At 2.1% QoQ the expansion was greater than surveys (2.0%) and a big increase from the previous quarter’s expansion of just 0.4%.
  • This sees the Singapore GDP expansion for the year at 4.1%, suggesting that there is more strength in the economy and likely to outperform the country’s forecast.
  • Manufacturing led the expansion growing 7.5% year-on-year, up from the 1.1% contraction in the prior quarter and construction was up 3.1%.
  • Prime Minister Wong had noted in his October 2 video message that the government forecast an easing of inflation in the months ahead, but with the chance it may remain sticky.