Singapore Q3 GDP up 5.4% y/y, higher than advance estimate; 2024 forecast upgraded
2024.11.21 19:51
SINGAPORE (Reuters) – Singapore’s economy grew 5.4% in the July-September quarter from a year earlier, higher than the 4.1% official advance estimate released last month and above market expectations, government data showed on Friday.
The growth was higher than a median forecast of 4.6% in a Reuters poll of economists, and annual growth of 3.0% in the second quarter.On a quarter-on-quarter, seasonally adjusted basis, GDP expanded 3.2% in the July to September period, higher than both the advance estimate of 2.1% and the June quarter growth of 0.5%.
The trade ministry upgraded its GDP growth forecast for 2024 to “around 3.5%” from a previous range of 2.0% to 3.0%.
The ministry said it expects growth of 1.0% to 3.0% in 2025.
The MAS left monetary policy settings unchanged last month in its last review of the year as inflation pressures continued to moderate and growth prospects improved.
The MAS has said core inflation should ease to around 2% by the end of this year. Annual inflation was 2.8% in September.
