Singapore to release advance Q3 GDP estimates, monetary policy decision on October 14

An office worker at Raffles Place.
An office worker at Raffles Place. PHOTO: ST FILE

SINGAPORE - The Ministry of Trade and Industry (MTI) will release the advance GDP estimates for the third quarter of 2016 on Oct 14 at 8am.

On the same day and time, the Monetary Authority of Singapore (MAS) will announce its monetary policy decision, it said on its website.

Private sector economists surveyed by MAS in September cut their forecast for Singapore's economic growth in the July-September quarter to 1.7 per cent from 1.8 per cent previously.

This would be a slowdown from the 2.1 per cent expansion seen in the second quarter of this year, unchanged from the first quarter.

The economists also scaled down their projection for fourth quarter growth to 1.5 per cent from 1.7 per cent, but they kept their full-year forecast of 1.8 per cent growth.

The Government in August shaved its 2016 growth forecast to between 1 and 2 per cent from its previous outlook of 1-3 per cent.

Analysts say MAS is likely to stand pat on its exchange rate-based monetary policy in its final scheduled policy review for 2016, saving its ammunition for next year when growth may dip further.

MAS, which manages the economy through the currency rather than by setting interest rates, had eased policy earlier in April by flattening the slope of the band it uses to guide the Singapore dollar against an undisclosed trading basket, reducing the rate of appreciation to zero per cent.