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Economists upgrade Singapore GDP outlook after better-than-expected Q3

Published Wed, Nov 22, 2023 · 08:08 PM

MTI expects GDP to grow 1 per cent to 3 per cent next year, but most economists have pencilled a growth outlook closer to the upper end of the range. PHOTO: BT FILE

SEVERAL economists have upgraded their full-year outlook for Singapore after third-quarter growth figures suggested the beginning of a recovery.

This comes as gross domestic product (GDP) grew 1.1 per cent year on year in Q3, revised from an advance estimate of 0.7 per cent year on year, said the Ministry of Trade and Industry (MTI) on Wednesday (Nov 22). Private-sector economists polled by Bloomberg had expected a growth of 0.8 per cent. GDP in Q2 grew 0.5 per cent year on year.

Sequentially, the economy grew 1.4 per cent in Q3, revised from 1 per cent and much faster than the previous quarter’s 0.1 per cent growth.