Singapore Q3 GDP grows 4.1% y/y, slower than first estimated

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SINGAPORE, Nov 23 (Reuters) – Singapore on Wednesday forecast its economic enhance would dull to between 0.5% and 2.5% in 2023 from about 3.5% this three hundred and sixty five days amid global economic pressures that will presumably hit question for the city-articulate’s outward-oriented industries love replace and finance.

The three.5% projection for 2022 was once narrowed from an earlier fluctuate of 3% to 4% by the Ministry of Exchange and Exchange (MTI). The ministry said scandalous domestic product (GDP) grew 4.1% three hundred and sixty five days-on-three hundred and sixty five days within the third quarter, under the 4.4% enhance viewed within the government’s come estimate.

On a quarter-on-quarter seasonally adjusted basis, the economic system grew 1.1% within the third quarter, compared with the government’s come estimate of 1.5% enhance and the 0.1% contraction within the second quarter.

“For the leisure of the three hundred and sixty five days, the weaker exterior economic outlook will weigh on the enhance of Singapore’s outward-oriented sectors, including the electronics and chemical substances clusters,” MTI Permanent Secretary Gabriel Lim informed reporters.

He said in 2023, GDP enhance in most main global economies was once anticipated to moderate additional. Many central banks are raising pastime rates to manipulate inflation, China’s zero-COVID policy is constraining consumption on this planet’s second-greatest economic system and global provide chain disruptions are dragging on because of the the Ukraine conflict.

Insist within the replace, finance and insurance coverage sectors is anticipated to be hit by a slowdown in various main economies, Lim said of Singapore’s 2023 outlook.

Reporting by Chen Lin in Singapore; Modifying by Jamie Freed and Kenneth Maxwell

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