Higher full-year growth forecast; Q3 GDP up 5.8%

[SINGAPORE] This year is turning out to be a surprisingly better year for the Singapore economy than what its start suggested, but 2014 is likely to settle back to another year of "modest" growth.

The government yesterday raised its full-year growth forecast to 3.5-4 per cent - not the nudge or the narrowed forecast range typical for this time of year, but a hike that implies growth of no less than the top end of its earlier 2.5-3.5 per cent forecast range.

That itself was the product of an upward revision just in August from the first projection of 1-3 per cent, put out this time last year.