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Singapore's latest growth nearly doubled estimates

  • Singapore's economy expanded 6.3 percent in the July-September period on an annualized basis, beating estimates for a 3.2 percent rise

Singapore's trade-reliant economy grew more than expected in the third quarter from the previous quarter on an annualized basis, on the back of manufacturing growth, preliminary data showed on Friday.

Shophouses line many streets in downtown Singapore.
Brynne Rinderknecht
Shophouses line many streets in downtown Singapore.

The economy expanded 6.3 percent in the July-September period on an annualized and seasonally adjusted basis, the Ministry of Trade and Industry said on Friday in a statement.

Economists polled by Reuters produced a median forecast of 3.2 percent annualized growth for July-September. GDP rose 4.6 percent in the third quarter from a year earlier, compared to a median forecast of 3.8 percent.