An aerial view of Singapore’s Marina Bay Street Circuit on Sept. 17, 2024.
Roslan Rahman | Afp | Getty Images
Singapore’s economy expanded faster than expected in the third quarter, even as the country’s central bank warned that growth is likely to slow in 2026.
Gross domestic product rose 2.9% year on year in the three months through September, the Singapore Department of Statistics said Tuesday.
That beat economists’ forecasts for a 1.9% increase, though it marked a slowdown from a revised 4.5% expansion in the second quarter.
On a seasonally adjusted, quarter-on-quarter basis, the economy expanded by 1.3%, easing slightly from 1.5% in the previous quarter.
Th
“Growth was weighed down by output declines in the biomedical manufacturing and general manufacturing clusters, even as output in the other manufacturing clusters expanded,” the country’s Ministry of Trade and Industry said in its release.
The slowdown comes as the MAS held its policy steady as well, continuing from its previous decision in July when it kept its monetary policy unchanged.
—This is breaking news, please check back for updates.
