Singapore's economy grew at a slower-than-expected pace in the third quarter, an advanced estimate from the government showed on Tuesday, adding to concerns about whether the wealth city state can shake off the impact of sluggish global growth.
The economy expanded 2.4 percent in the third quarter from the year-ago period, missing a Reuters forecast for a 2.8 percent gain and following a rise of 2.4 percent rise in the previous quarter.
Quarter-on-quarter, gross domestic product (GDP) grew 1.2 percent on an annualized basis compared with expectations for a 1.8 percent rise and after the 0.1 percent expansion in the second quarter.
Meanwhile, the Monetary Authority of Singapore (MAS), the city state's central bank, maintained its tight monetary policy, as expected, even as it lowered its core inflation forecast for the year to 2-2.5 percent from 2-3 percent, in its twice-annual assessment of the economy.
"The Singapore economy should expand at a moderate pace in the quarters ahead. Wage inflation is likely to remain relatively firm, and businesses in food-related and some services sectors could further pass on cost increases," the MAS said in its half-yearly statement.