SINGAPORE: Singapore's economy grew 1.1 per cent on a yearly basis in the third quarter of 2023, government data showed on Wednesday, higher than the advanced growth estimate of 0.7 per cent released last month.
On a quarter-on-quarter, seasonally-adjusted basis, gross domestic product expanded 1.4 per cent in the July to September period, compared with 1 per cent in advanced estimates.
The trade ministry projected GDP growth to be around 1.0 per cent in 2023 and 1.0 per cent to 3.0 per cent in 2024.
The trade-reliant economy narrowly avoided a technical recession - defined as two consecutive quarter-on-quarter contractions - when it posted a slight expansion in second quarter GDP.
While trade data shows exports increasing in recent months, non-domestic oil exports have fallen for 13 consecutive months.
In October, the central bank left monetary policy settings unchanged as inflation in the city-state moderated from a peak of 5.5 per cent in January to 3 per cent in September. It said that reflected economic prospects that were muted in the near term but expected to improve in the second half of 2024. - Reuters