Singapore Q3 GDP grows 4.1%, slower than first estimated

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

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

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

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