Stock Market Cafe
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Stock Market Cafe
No Result
View All Result
Home Trading News

Singapore’s economy grew at a faster pace in the third quarter than initial estimate

by
November 24, 2021
in Trading News
0
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

As gaming sales slump, China’s Tencent signals a hot ad trend it’s betting on

China risks miscalculation with pressure on Taiwan, U.S. says

View of the Singapore skyline.

Suhaimi Abdullah | Getty Images

SINGAPORE — Singapore’s economy expanded at a faster pace in the third quarter than initially estimated, while the government expects 2021 growth to come in at around 7%.

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

That was better than the official advance estimate of 6.5% year-on-year growth that the ministry projected last month. But it’s slower than the 15.2% year-on-year growth recorded in the second quarter.

On a quarter-on-quarter, seasonally adjusted basis, the Singapore economy expanded by 1.3% in the third quarter — a turnaround from the 1.4% contraction in the second quarter, said the ministry.

Here’s how the various sectors performed in the third quarter:

Manufacturing grew by 7.2% from a year ago. All clusters within the sector expanded, except for the biomedical manufacturing cluster.Construction expanded by 66.3% on year, mainly due to a low base of comparison as output in both public and private sectors rose in the third quarter.Among services industries, real estate grew by 16.8% on year, supported primarily by activity in the private residential property segment.Meanwhile, the food and beverage services sector shrank 4.2% from a year ago as Singapore tightened dine-in and event restrictions to curb the spread of Covid-19.

Singapore, a city-state in Southeast Asia, has been battling a surge in Covid-19 infections that came even as around 85% of the population has completed their vaccinations.

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

The trade and industry ministry revised its 2021 economic growth estimates for Singapore to around 7% — the top of its previous forecast range of between 6% and 7%.

Next year, the Singapore economy is expected to grow by 3% to 5%, said the ministry.

“The recovery of the various sectors of the economy in 2022 is expected to remain uneven,” the ministry said.

It explained that growth prospects for outward-oriented sectors such as manufacturing and wholesale trade remain strong given robust external demand.

But recovery in sectors related to aviation and tourism is likely to be gradual as global travel demand will take time to recover and travel restrictions could persist in key visitor source markets, it added.

The ministry warned that protracted supply disruptions alongside a stronger pickup in demand, as well as rising energy commodity prices, could lead to more persistent inflation.

Singapore is a small and open economy that’s largely dependent on global trade. Core inflation in the country rose 1.5% in October from a year ago — the biggest jump in nearly three years, official data showed Tuesday.

Core inflation strips out accommodation and private transport, and is the Singapore central bank’s preferred price gauge.

Last month, the Monetary Authority of Singapore became one of the first Asian central banks to tighten monetary policy. The MAS said the move “will ensure price stability over the medium term while recognising the risks to the economic recovery.”

ShareTweetPin

Related Posts

As gaming sales slump, China’s Tencent signals a hot ad trend it’s betting on

by
August 18, 2022
0

In this article 700-HK Tencent runs the ubiquitous Chinese messaging app WeChat. The company has a short form video feature...

China risks miscalculation with pressure on Taiwan, U.S. says

by
August 18, 2022
0

Flags of United States and China displayed on phone screens in this multiple exposure illustration photo taken in Krakow, Poland...

Student makes $110mn trading meme stock favourite Bed Bath & Beyond

by
August 18, 2022
0

Trial Try full digital access and see why over 1 million readers subscribe to the FT $1 for 4 weeks...

The retail trader is back led by the meme gang, and these are their favorite stocks

by
August 18, 2022
0

Retail traders are back in full force. Data compiled by Vanda Research show retail traders have purchased an average of...

Thursday: Unemployment Claims, Philly Fed Mfg, Existing Home Sales

by
August 18, 2022
0

by Calculated Risk on 8/17/2022 09:02:00 PM Thursday: o At 8:30 AM ET, The initial weekly unemployment claims report will...

Next Post

Asia-Pacific stocks mixed as investors watch U.S. Treasury yields

Bank of America picks global stocks to buy in an inflationary 'boom' period

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • Crocs sees fourth-quarter sales up 42%, CEO Andrew Rees says 2021 was ‘exceptional year’

    0 shares
    Share 0 Tweet 0
  • Buying a car from the factory sounds expensive, but it can actually save you money. Here’s how to do it.

    0 shares
    Share 0 Tweet 0
  • Roth TSP vs. Roth IRA: How Do They Compare?

    0 shares
    Share 0 Tweet 0
  • The states that won’t tax military retirement in 2022

    0 shares
    Share 0 Tweet 0
  • Biden didn’t accept Putin’s ‘red lines’ on Ukraine – here’s what that means

    0 shares
    Share 0 Tweet 0
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by www.stockmarket-cafe.com
No Result
View All Result
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy

All rights reserved by www.stockmarket-cafe.com