SINGAPORE: Singapore’s economy grew at a slower pace of 4.4 per cent, but exceeded expectations, in the third quarter of 2022, according to advance estimates released by the Ministry of Trade and Industry (MTI) on Friday (Oct 14).
This compares with a revised figure of 4.5 per cent in the previous quarter.
Economists polled by Reuters had expected a 3.4 per cent expansion for the July to September period from a year ago.
On a quarter-on-quarter seasonally-adjusted basis, Singapore’s gross domestic product (GDP) expanded by 1.5 per cent after contracting 0.2 per cent in the second quarter.
Authorities had in August narrowed the official growth forecast for 2022 to a range of 3 per cent to 4 per cent, from 3 per cent to 5 per cent on the back of a weakening external demand outlook.
The advance GDP estimates for the third quarter of 2022 are computed largely from data in July and August. They are intended as an early indication of GDP growth in the quarter and are subject to revision when more comprehensive data becomes available, said MTI.
The preliminary GDP estimates for the third quarter of this year will be released by MTI in November.