SINGAPORE, Nov 22 — Singapore’s economy grew 5.4 per cent in the July-September quarter from a year earlier, higher than the 4.1 per cent official advance estimate released last month and above market expectations, government data showed today.

The growth was higher than a median forecast of 4.6 per cent in a Reuters poll of economists, and annual growth of 3.0 per cent in the second quarter. On a quarter-on-quarter, seasonally adjusted basis, GDP expanded 3.2 per cent in the July to September period, higher than both the advance estimate of 2.1 per cent and the June quarter growth of 0.5 per cent.

The trade ministry upgraded its GDP growth forecast for 2024 to "around 3.5 per cent” from a previous range of 2.0 per cent to 3.0 per cent.

The ministry said it expects growth of 1.0 per cent to 3.0 per cent in 2025.

The Monetary Authority of Singapore (MAS) left monetary policy settings unchanged last month in its last review of the year as inflation pressures continued to moderate and growth prospects improved.

The MAS has said core inflation should ease to around 2 per cent by the end of this year. Annual inflation was 2.8 per cent in September. — Reuters