Singapore to release advance Q3 GDP estimates, monetary policy statement on Oct 13

Growth came in at 2.7 per cent in the first quarter of this year.
Growth came in at 2.7 per cent in the first quarter of this year.PHOTO: BLOOMBERG

SINGAPORE - The Government will release advance estimates for growth in Singapore's gross domestic product (GDP) in the third quarter of this year and its latest monetary policy decision next Friday (Oct 13) at 8am.

Private sector economists polled by Singapore's central bank expect growth to quicken to 3.1 per cent in the three months to September, after the economy grew by a better-than-expected 2.9 per cent in the second quarter as exports and manufacturing rebounded.

Growth came in at 2.7 per cent in the first quarter.

The Government in August narrowed upwards its forecast for economic growth this year to 2 per cent to 3 per cent, from an earlier estimate of 1 per cent to 3 per cent. Growth came in at 2.7 per cent in the first quarter.

The Monetary Authority of Singapore (MAS) in its semi-annual monetary policy decision is expected by most analysts to keep its exchange-rate based policy steady.

The MAS uses the Singapore dollar exchange rate as its main monetary policy tool to strike a balance between inflation from overseas and economic growth. The rate is allowed to float within a policy band that can be adjusted when monetary policy is reviewed.

The Singdollar policy band is now on a path of zero appreciation against the currencies of key trading partners - a "neutral" policy stance put in place in April last year amid slow growth and low inflation.