23.11.202123:13:00UTC+00Singapore GDP Climbs 7.1% On Year In Q3

Singapore's gross domestic product grew 7.1 percent on year in the third quarter of 2021, the Ministry of Trade and Industry said on Wednesday.

That exceeded expectations for an increase of 6.5 percent following the upwardly revised 15.2 percent spike in the previous three months (originally 14.7 percent).

On a seasonally adjusted quarterly basis, GDP was up 1.3 percent - again beating forecasts for a gain of 1.0 percent following the upwardly revised 1.4 percent contraction in the second quarter (originally -1.8 percent).

Upon the release of the data, the MTI raised its forecast for annual growth in 2021 to 7.0 percent and in the range of 3 to 5 percent in 2022.