Singapore narrowed its growth projection for the current year citing subdued foreign demand but the pace of expansion is forecast to improve next year with the recovery in global economies.<\/p>\n
Given its performance in the first three quarters as well as the external and domestic conditions, the Ministry of Trade and Industry said the economy<\/span> is set to grow around 1.0 percent this year, compared to its previous outlook of 0.5 to 1.5 percent. <\/p>\n The city-state economy is forecast to expand 1.0 to 3.0 percent in 2024 as growth in the major economies are set to pick up gradually in the second half.<\/p>\n Singapore’s economy expanded 1.1 percent on a yearly basis in the third quarter, faster than the 0.5 percent growth in the previous quarter, official data released on Wednesday revealed.<\/p>\n The third quarter figure was revised up from 0.7 percent estimated initially. <\/p>\n On a quarter-on-quarter seasonally-adjusted basis, gross domestic product grew 1.4 percent, accelerating from the 0.1 percent expansion in the previous quarter, and also better than the advance estimate of 1.0 percent. <\/p>\n Although economic growth rebounded strongly, the strength is unlikely to last, Capital Economics’ economist Gareth Leather said. <\/p>\n Leather reckoned that a combination of weaker global demand and high interest rates will cause growth to slow over the next couple of quarters. <\/p>\n The Monetary Authority of Singapore had projected economic growth to come in at the lower half of the 0.5-1.5 percent forecast range in 2023.<\/p>\n In October, the bank had kept its monetary policy unchanged as the current setting is assessed to be ‘sufficiently tight’ to dampen imported inflation and curb domestic cost pressures.<\/p>\n On the production-side, other services industries, information and communications, and wholesale trade contributed the most to the GDP growth, data showed. <\/p>\n The other services industries posted an annual growth of 4.4 percent. The information and communication sector expanded 5.6 percent and wholesale trade advanced 1.2 percent. <\/p>\n Retail trade grew 2.2 percent and transportation and storage sector moved up 1.1 percent. <\/p>\n The accommodation sector and food and beverage services sector expanded 12.9 percent and 3.5 percent, respectively.<\/p>\n Further, the finance and insurance sector expanded 1.5 percent and the real estate sector posted growth of 3.4 percent. <\/p>\n The construction sector output climbed 6.3 percent, while manufacturing shrank 4.6 percent. <\/p>\n