Singapore economy grows better-than-expected 5.1% in third quarter
A jump in factory output and robust growth in services buoyed the Singapore economy to a larger-than-expected expansion in the third quarter of this year.
The economy grew 5.1 per cent in the July to September period over the same time a year ago, according to preliminary estimates released by the Ministry of Trade and Industry on Monday morning.
This beat economists' estimates of a 3.8 per cent expansion and was also higher than the year-on-year growth in the second quarter, which the Ministry revised up to 4.2 per cent on Monday.
But in quarter-on-quarter terms, the economy shrank 1 per cent in the third quarter from the second quarter, the Ministry said.