Singapore’s economy grew beyond expectations in the third quarter of the year, thanks to the leading data and support from the services and construction sectors.
Singapore’s economy grew more than expected in the third quarter compared to the same period last year, according to preliminary estimates released by the government on Friday.
In addition, the country’s central bank tightened its monetary policy for the fifth time last year, in line with expectations.
In the July-September quarter, the gross domestic product came in at 4.4 percent in line with the growth in the second quarter.
The Southeast Asian nation avoided a technical recession with 1.5 percent quarterly GDP growth on a seasonally adjusted basis, after a 0.2 percent contraction in the second quarter from the first quarter.
In August, the Ministry of Trade and Industry cut Singapore’s 2022 GDP forecast to 3 percent to 4 percent, compared to its previous forecast of 3 percent to 5 percent.
