Singapore Q3 Gdp Growth Higher Than Forecast

last updated on

Singapore Q3 Gdp Growth Higher Than Forecast

Singapore's Q3 GDP Growth Came Out At 1.1%

Official data reveals the economic growth of Singapore during Q3 was faster than the forecasts. This was achieved with an uptick in various sectors, including services & tourism.

Although the Q3 data was mostly positive, Singapore's authorities did warn about various economic risks stemming from geopolitics, high interest rates, & inflation.

Overall, the Q3 GDP growth was recorded at 1.1% y/y, which was higher than the 0.7% forecast made by different sources. The total difference between the actual value & the forecast was around +0.4%, which suggests that Singapore's economy is in a good place.

Singapore's Q/Q Growth For 3rd Quarter Was 1.4%

If we look at the seasonally adjusted values for the Q/Q growth, it is around 1.4%, which is higher than the 1% forecast. Once again, the economy has given an upside surprise during Q3 2023.

The Trade Ministry of Singapore believes that the overall GDP growth for this year (2023) will be 1%. As for the year 2024, the authorities have cited a range between 1% - 3%.

According to an economist from Maybank, the data for the 3rd Quarter confirms that Singapore's economy is all set to stage strong growth during 2024. They also added that the positive surprise in the economic growth was due to the improvement in the services sector, retail trade, and financial services.

A member of Singapore's Ministry of Trade revealed that the country is also facing headwinds arising from the slowdown in the global economy.

In addition, Singapore is also struggling with higher core inflation along with higher interest rates. According to officials, the same problems can be seen in other advanced economies as well, which further complicates the situation.

The overall economy of Singapore is completely reliant on trade, which highlights the need for calmer geopolitics & trade relations.

During the Q3, Singapore also recorded increased reports while the exports falling in the category of 'non-domestic oil' continued to decline for the 13th month in a row.

Trending Stories