According to an AFP report on October 13th, the estimated data released by the Singapore government on the 13th showed that due to the construction and service industries compensating for the continued downturn in the manufacturing industry, Singapore's economic growth rate in the third quarter exceeded expectations.
The Singapore Ministry of Trade stated that the gross domestic product (GDP) increased by 0.7% year-on-year in the third quarter, exceeding expectations of around 0.4% and continuing the growth momentum of 0.5% in the previous quarter.
Data shows that the construction and service industries increased by 6% and 1.9% respectively year-on-year, offsetting the negative growth of 5% in the manufacturing industry.
The manufacturing industry has continued its decline since the first quarter, including the semiconductor industry, which heavily relies on global demand.
Due to its dependence on international trade, Singapore's economic performance is often seen as a barometer of the global economy.
The central bank of the country stated on the 13th that it will maintain its monetary policy unchanged as core inflation slows down.
The Monetary Authority of Singapore stated in its biannual statement that it will maintain the range of the Singapore dollar exchange rate policy unchanged.
Singapore uses exchange rates rather than interest rates as a means of addressing inflation issues, as most of its demand is met through imports. A stronger Singapore dollar will make imported goods cheaper.
The Monetary Authority of Singapore also stated that starting from next year, it will issue a quarterly monetary policy statement instead of only issuing it twice a year. This is part of the ongoing efforts to strengthen monetary policy communication.
Singapore lowered its economic growth forecast for this year from its previous estimate of 0.5% -2.5% to 0.5% -1.5% in August.
Scenery of Singapore (Image from Xinhua News Agency)