Singapore to unveil final quarter advance growth estimates on Jan 2

Singapore economy
A view of Singapore's skyline March 2, 2016. REUTERS/Edgar Su Reuters

The government will release Singapore's fourth-quarter advance growth estimates and monetary policy decision on January 2 at 8am local time, the Ministry of Trade and Industry said on Tuesday.

Singapore's economy expanded at 5.2 percent from a year earlier in the third quarter, its quickest pace in nearly four years, helped by growth in manufacturing.

The manufacturing sector grew 18.4 percent year on year in the quarter ended September 30 compared to 8.4 percent growth in the previous quarter, data showed earlier this year.

The wholesale and retail trade sector recorded 2.2 percent growth year on year while construction contracted by 7.6 percent on weakness in the public and private sector.

Singapore, like its Asian peers, got a lift this year as global economic growth recovery pushed up demand for electronics products and components such as semiconductors.

Mirroring the optimism, annual third-quarter growth for other Southeast Asian economies including Thailand and Malaysia came in better than analysts' estimates.

Also Read: Singapore Q3 GDP beats forecast: Here are 5 things to know

The government, earlier this month, also revised its 2017 gross domestic product (GDP) forecast to between 3 and 3.5 percent, up from its initial range of 2 to 3 percent.

The city-state's GDP growth is, however, seen easing to 2.8 percent in the fourth quarter, according to a poll of analysts by Bloomberg.

The advance GDP estimates for the third quarter are computed largely from data collected in the first two months of the quarter. This is intended to paint an expected picture of the city-state's economic performance for the whole quarter.

This article was first published on December 26, 2017