Singapore 3rd quarter GDP up 6 percent

Singapore's economy grew 6 percent in the third quarter year-on-year, according to the Ministry of Trade and Industry's advance estimate. This is higher than the second quarter's 5.4 percent year-on-year growth and economists' forecasts of around 5 percent growth. However, on a quarter-on-quarter seasonally-adjusted annualised basis, growth was 3.2 percent, indicating a slowdown in growth.

Overall GDP growth was boosted by a strong performance in manufacturing, which grew 10 percent year-on-year. In September, Singapore's PMI had risen to 53.1 from 52.2 in August, indicating that manufacturing growth is likely to be sustained and support economic growth in the coming months.