Singapore’s third-quarter GDP beats estimates central bank tightens policy
Singapore’s economy grew more than expected in the third quarter from the same period last year, according to advance estimates released by the government on Friday.
Separately, the country’s central bank tightened monetary policy for the fifth time in a year, in line with expectations.
The Southeast Asian country avoided a technical recession, with quarterly GDP growth coming in a 1.5% on a seasonally adjusted basis, after a 0.2% contraction in the second quarter from the first quarter.
Buildings in the business district in Singapore. Singapore’s GDP for the third quarter beat estimates , and its central bank tightened policy as expected.Singapore’s economy grew more than expected in the third quarter from the same period last year, according to advance estimates released by the government on Friday .
Separately, the country’s central bank tightened monetary policy for the fifth time in a year, in line with expectations.
Gross domestic product in the July-to-September quarter came in at 4.4%, much higher than the 3.4% predicted by analysts in a Reuters poll, and in line with growth in the second quarter .The Southeast Asian country avoided a technical recession, with quarterly GDP growth coming in a 1.5% on a seasonally adjusted basis, after a 0.2% contraction in the second quarter from the first quarter .The Ministry of Trade and Industry in August narrowed Singapore’s GDP forecast for 2022 to 3% to 4%, compared to an its previous forecast of 3% to 5%.
