Singapore Upgrades Growth Forecast 3.5%
Singapore raised its economic growth forecast for this year to 3 percent to 3.5 percent after third-quarter data beat projections on the back of stronger exports and manufacturing.
Highlights of GDP Report
* Gross domestic product rose at a seasonally adjusted, annualized rate of 8.8 percent in the third quarter from the previous three months, higher than an earlier estimate of 6.3 percent.
* Median estimate of nine economists in a Bloomberg survey was for 7.8 percent gain.
* GDP increased 5.2 percent from year earlier, the fastest pace in more than three years, versus median estimate of 5 percent.
* Economy seen expanding 1.5-3.5 percent next year.
A healing in global trade this year has helped boost export-reliant economies like Singapore’s, with manufacturing buoyed by demand for electronics goods. Growth has started to broaden out to other industries, such as services, giving economists and the government reason to upgrade their full-year projections. Prime Minister Lee Hsien Loong said earlier this week that growth could exceed 3 percent in 2017.
The trade ministry said on Thursday global growth is expected to improve next year, on the back of a pick-up in the U.S. and some emerging markets.
Singapore raised its economic growth forecast for this year to 3 percent to 3.5 percent after third-quarter data beat projections on the back of stronger exports and manufacturing.
Highlights of GDP Report
* Gross domestic product rose at a seasonally adjusted, annualized rate of 8.8 percent in the third quarter from the previous three months, higher than an earlier estimate of 6.3 percent.
* Median estimate of nine economists in a Bloomberg survey was for 7.8 percent gain.
* GDP increased 5.2 percent from year earlier, the fastest pace in more than three years, versus median estimate of 5 percent.
* Economy seen expanding 1.5-3.5 percent next year.
A healing in global trade this year has helped boost export-reliant economies like Singapore’s, with manufacturing buoyed by demand for electronics goods. Growth has started to broaden out to other industries, such as services, giving economists and the government reason to upgrade their full-year projections. Prime Minister Lee Hsien Loong said earlier this week that growth could exceed 3 percent in 2017.
The trade ministry said on Thursday global growth is expected to improve next year, on the back of a pick-up in the U.S. and some emerging markets.
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