Singapore releases Q3 2021 GDP update, economic data

Singapore releases Q3 2021 GDP update, economic data

View of the Singapore skyline.

Suhaimi Abdullah | Getty Images

SINGAPORE — Singapore’s economy grew 7.1% in the third quarter compared with a year ago, the Ministry of Trade and Industry said Wednesday.

That was better than the official advance estimate of 6.5% year-on-year growth that the ministry projected last month.

The ministry also revised its official full-year economic growth estimates for Singapore to around 7%. Previously, the Singapore economy was expected to grow between 6% and 7% in 2021.

Singapore, a city-state in Southeast Asia, has been battling a surge in Covid-19 infections that came even as around 85% of the population has completed their vaccinations.

In recent weeks, the government has gradually eased domestic and border restrictions — allowing more activity to resume.

Last month, the Monetary Authority of Singapore became one of the first Asian central banks to tighten monetary policy. The MAS said the move “will ensure price stability over the medium term while recognising the risks to the economic recovery.”

This is breaking news. Please check back for updates.

Original news source Credit: www.cnbc.com



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