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World NewsSingapore releases Q3 2021 GDP update, economic data

Singapore releases Q3 2021 GDP update, economic data

View of the Singapore skyline.

Suhaimi Abdullah | Getty Images

SINGAPORE — Singapore’s economic system grew 7.1% within the third quarter in contrast with a yr in the past, the Ministry of Trade and Industry stated Wednesday.

That was higher than the official advance estimate of 6.5% year-on-year development that the ministry projected final month.

The ministry additionally revised its official full-year economic development estimates for Singapore to round 7%. Previously, the Singapore economic system was anticipated to develop between 6% and seven% in 2021.

Singapore, a city-state in Southeast Asia, has been battling a surge in Covid-19 infections that got here at the same time as round 85% of the inhabitants has accomplished their vaccinations.

In current weeks, the federal government has step by step eased home and border restrictions — permitting extra exercise to renew.

Last month, the Monetary Authority of Singapore turned one of many first Asian central banks to tighten financial coverage. The MAS stated the transfer “will ensure price stability over the medium term while recognising the risks to the economic recovery.”

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