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Singapore releases Q3 2021 GDP update, economic data


A view of Singapore’s skyline

Suhaimi Abdullah | Getty Images

SINGAPORE — Singapore’s economy grew 7.1% in the third quarter compared with a year ago, the Ministry of Trade and Industry said Wednesday.

It was better than the official advance estimate of 6.5% year-on-year growthThat’s what the ministry forecast last month.

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It also updated its estimates for Singapore’s full-year economic growth to approximately 7%. In 2021, Singapore’s economy had been expected to expand between 6% and 7.7 percent.

Singapore, a Southeast Asia city-state, is currently facing a spike in Covid-19 cases despite the fact that approximately 85% of its population had completed their vaccinations.

In recent weeks, the government has gradually eased domestic and border restrictions — allowing more activity to resume.

The Monetary Authority of Singapore was able to become one of Asia’s first central banks last month. tighten monetary policy. According to the MAS, the move will “ensure price stability in the medium-term while acknowledging the potential risks to economic recovery.”

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