This is faster than the 2.9 per cent growth in the previous quarter and the best showing since the economy grew 5.4 per cent in the fourth quarter of 2013.
On a quarter-on-quarter seasonally adjusted basis, the economy expanded by a whopping 8.8 per cent, accelerating from 2.2 per cent in Q2.
The headline figure of 5.2 per cent was revised upwards from October’s advance GDP estimates of 4.6 per cent.
The upgraded forecast dovetails with Prime Minister Lee Hsien Loong’s remarks on Sunday that the Singapore economy could expand by more than 3 per cent in 2017.
With three consecutive quarters of growth now in the bag, some private-sector economists have also revised their estimates upwards.
This beat economist expectations of a 5 per cent expansion, according to a poll by Bloomberg.
In 2018, the economy is forecast to grow by 1.5-3.5 per cent. The MTI said the pace of growth is expected to moderate, compared with 2017, but “remain firm”.
The manufacturing sector is expected to continue to expand and provide support to overall GDP growth.
However, growth in several of Singapore’s key external demand markets such as China and the eurozone is projected to ease.
Global growth is expected to pick up marginally on the back of stronger economic growth in the US and some emerging markets and developing economies.
Externally oriented sectors are expected to benefit from this global economic recovery.
Published : November 23, 2017
By : The Straits Times Asia News Network