The Singapore economy surpassed market expectations in Q3 this year as GDP grew 5.1 percent year-on-year, revealed advance estimates by the Ministry of Trade and Industry (MTI).

The figure beats the median forecast growth of 3.8 percent by economists.

It also implies that the economy contracted at an annualised one percent quarter-on-quarter, or smaller than the market’s expected 4.1 percent annualised contraction.  

This comes following a revised increase of 16.9 percent in Q2 GDP, up from the previous quarter-on-quarter growth of 15.6 percent, the Ministry added.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg

 

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