Singapore’s economy slows to 4.4% in Q3

The Ministry of Trade and Industry (MTI) said Friday (Oct. 14) that Singapore’s economy grew 4.4% in the third quarter of 2022, slower than the 4.5% growth in the previous quarter.

Compared with the previous quarter, Singapore’s gross domestic product (GDP) grew by 1.5% after falling by 0.2% in the second quarter.

The authorities have lowered their growth forecast for 2022 from 3% to 4% to 3% to 5% due to the weak development of external demand.

The advance estimate of GDP for the third quarter of 2022 is largely based on the data for July and August. They are intended to be an indicator of GDP growth in this quarter.

Preliminary GDP estimates for the third quarter of this year will be released by the MTI in November.

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