Selangor Journal
A view of the city skyline in Singapore, on December 31, 2020. — Picture by REUTERS

Singapore third quarter GDP grows 4.1 pct year-on-year, slower than first estimated

SINGAPORE, Nov 23 — Singapore’s economy expanded less than initially estimated in the third quarter, official data showed on Wednesday.

Gross domestic product (GDP) grew 4.1 per cent year-on-year in the third quarter, the Ministry of Trade and Industry (MTI) said, lower than the 4.4 per cent growth seen in the government’s advance estimate.

On a quarter-on-quarter seasonally adjusted basis, the economy grew 1.1 per cent, compared with the government’s advance estimate of 1.5 per cent growth and the 0.1 per cent contraction in the second quarter.

MTI said Singapore’s GDP growth is projected at about 3.5 per cent in 2022, the mid-point of its prior guidance of 3 per cent to 4 per cent, and growth is expected to slow to 0.5 per cent to 2.5 per cent in 2023.

— Reuters

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