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Singapore's economy grows at slower pace in Q3

Singapore's gross domestic product (GDP) rose 6.5 percent on a year-on-year basis in the July-September period, much lower than the growth rate of 15.2 percent in the previous quarter, said the Ministry of Trade and Industry (MTI) on October 14.
Singapore's economy grows at slower pace in Q3 ảnh 1Illustrative image (Photo: AFP/VNA)
Singapore (VNA) - Singapore's gross domestic product (GDP) rose 6.5 percenton a year-on-year basis in the July-September period, much lower than the growth rate of 15.2percent in the previous quarter, said the Ministry of Trade andIndustry (MTI) on October 14.

The pace of growth was weaker than the 7 percent forecast byeconomists in a Monetary Authority of Singapore survey last month, while aBloomberg poll had predicted a 6.6 percent expansion.

Analysts said the growth moderation was expected, given the return to phasetwo (heightened alert) and tightened COVID-19 restrictions between July andAugust.

However, on a quarter-on-quarter seasonally adjusted basis, MTI datashowed the economy expanded by 0.8 percent in the third quarter of thisyear, a reversal from the 1.4 percent contraction in the preceding quarter.

The quarterly gain is a sign that sequentially the economy is ontrack for above-trend growth in the quarters ahead, analysts said.

Selena Ling, head of treasury research and strategy at OCBC Bank, said on anannual basis the first-half 2021 growth stands at 7.7 percent, but willlikely slow to around 5.8 percent in the second half as low base effectsfade./.
VNA
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