Singapore Q3 GDP grows 4.1% y/y, slower than first estimated

SINGAPORE (Reuters) – Singapore’s economy expanded less than initially estimated in the third quarter, official data showed on Wednesday.

Gross domestic product (GDP) grew 4.1% year-on-year in the third quarter, the Ministry of Trade and Industry (MTI) said, lower than the 4.4% growth seen in the government’s advance estimate.

On a quarter-on-quarter seasonally adjusted basis, the economy grew 1.1%, compared with the government’s advance estimate of 1.5% growth and the 0.1% contraction in the second quarter.

MTI said Singapore’s GDP growth is projected at about 3.5% in 2022, the mid-point of its prior guidance of 3% to 4%, and growth is expected to slow to 0.5% to 2.5% in 2023.

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