Singapore GDP up 1.1% in Q3
Singapore’s GDP growth was mainly driven by tourism and services.
Singapore.- Gross domestic product (GDP) in Singapore for the third quarter was up 1.1 per cent year-on-year. The growth was higher than initial estimates of 0.7 per cent.
The improvement was mainly attributed to a resurgence in tourism and increased activity in the service sector. On quarter-on-quarter terms, GDP expanded by 1.4 per cent. However, authorities caution about potential risks to the economic outlook stemming from inflation and geopolitical factors.
The Ministry of Trade & Industry has adjusted its GDP growth projection for 2023 to 1 per cent, narrowing the earlier range of 0.5 per cent to 1.5 per cent. For 2024, the ministry anticipates GDP growth to range from 1 per cent to 3 per cent.
Gabriel Lim, the permanent secretary of policy at the Ministry of Trade & Industry, highlighted risks in the global economy. According to Reuters, Lim said: “First, sticky core inflation in advanced economies could induce central banks to maintain current high-interest rates for longer.
“Second, an escalation or widening of the Israel-Hamas conflict or war in Ukraine could lead to renewed supply disruptions and commodity price shocks.”
