People walking in a shopping area in Singapore.Reuters
Singapore's economy grew much faster than initially estimated in the third quarter, beating analysts' expectations, helped by strength in manufacturing activity.
Here are five key highlights of the data:
- The economy grew 8.8 percent in July-September from the previous quarter, the Ministry of Trade and Industry said in a statement. This was above an initial government forecast of 4.6 percent growth and higher than the 5 percent growth expected by economists polled by Reuters.
- The government's initial estimate, released on Oct. 13, had shown that the economy grew 6.3 percent.
- Gross domestic product expanded by 5.2 percent in the third quarter from a year earlier, compared with the initial estimate of 4.6 percent growth.
- Singapore's manufacturing sector grew 18.4 percent year on year, compared to 8.4 percent growth in the previous quarter.
- The wholesale and retail trade sector recorded 2.2 percent growth year on year while construction contracted by 7.6 percent on weakness in the public and private sector.
(With inputs from Reuters)
