Singaporean economy grows 5.4 pct in Q3

SINGAPORE, Nov. 22 (Xinhua) — The Singaporean economy expanded 5.4 percent year-on-year in the third quarter, faster than the advance estimate of 4.1 percent, the Ministry of Trade and Industry (MTI) said Friday.
The growth in the third quarter was primarily driven by the manufacturing, wholesale trade, as well as finance and insurance sectors, which were bolstered in part by the upturn in the global electronics cycle.
Meanwhile, consumer-facing sectors continued to contract due to sustained strength in outbound travel by locals and a slower-than-anticipated recovery in international visitors.
Noting that Singapore’s overall external demand outlook would remain resilient for the rest of this year, the MTI upgraded the whole-year growth forecast to around 3.5 percent from the previous range of 2 to 3 percent.
The MTI also predicted that the growth range for Singapore’s economy would stay between 1 and 3 percent next year. ■