Singapore economy expands 2.2% in Q3
A view of the financial district skyline in Singapore. (Photo: AFP)
SINGAPORE: The Singapore economy grew by 2.2 per cent in the third quarter from a year ago, slower than the 4.1 per cent growth in the previous quarter, according to data from the Ministry of Trade and Industry (MTI) on Thursday (Nov 22). This is also a slightly downward revision from the Government's gross domestic product (GDP) advance estimate of 2.6 per cent released last month.
MTI also expects GDP to grow by 3 to 3.5 per cent this year and by 1.5 to 3.5 per cent next year.
On a quarter-on-quarter seasonally-adjusted annualised basis, GDP growth expanded 3 per cent, picking up from the second quarter's 1 per cent.Growth was mainly supported by the finance and insurance, manufacturing and business services sectors.