Singapore to release detailed Q3 GDP data on Nov 21

SINGAPORE (Reuters) - Singapore will report detailed third quarter data on Nov 21 that will likely show the economy grew faster than the government initially estimated.

The Third Quarter 2013 Economic Survey of Singapore will be released on Nov 21 at 8:00 am local time, the Ministry of Trade and Industry said in a statement.

The median estimate of economists polled by Reuters is that Singapore's gross domestic product grew by 5.3 per cent during the third quarter from a year earlier, faster than the 5.1 per cent advance estimate reported last month.

On a quarter-on-quarter, seasonally adjusted and annualised basis, the city-state's economy probably shrank by 0.3 per cent, according to the poll. The preliminary government estimate was a 1.0 per cent contraction.

The expected quarterly decline follows a massive 16.9 per cent surge during the April-June quarter.

Several banks believe Singapore will likely raise its growth forecast for 2013 from the current 2.5 per cent, given the much stronger-than-expected economic data since mid-year.

DBS, for example, predicts the official GDP outlook for this year will be raised to between 3.5 and 4.0 per cent.

Join ST's Telegram channel and get the latest breaking news delivered to you.