singapore growth beats forecasts
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

as global trade improves

Singapore growth beats forecasts

Arab Today, arab today

Arab Today, arab today Singapore growth beats forecasts

Singapore is the latest economy in the region to show an improvement as global demand improves
Singapore - Arab Today

Singapore's economy beat expectations to grow at its fastest pace in nearly four years during the third quarter, data showed Thursday, boosted by a surge in global demand that has buoyed Asia in the face of brewing protectionist fears.

The forecast-beating performance for the island-state follows similarly strong readings from the Philippines, Malaysia, Thailand, South Korea and Taiwan, all of which have benefited from a pick-up in world trade.

The trade ministry said the economy expanded 5.2 percent on-year in July-September, accelerating from 2.9 percent in the previous three months and the fastest rate since the fourth quarter of 2013.

It also beat the 5.0 predicted in a Bloomberg News survey.

The improvement came as the key manufacturing sector, a key pillar of the trade-dependent economy, expanded 18.4 percent, from 8.4 percent growth in the preceding quarter.

The government raised its full-year growth forecast for this year to 3.0-3.5 percent from the previous projection of 2.0-3.0 percent.

"In line with stronger demand conditions, the Singapore economy performed better in the third quarter," the ministry said in a statement.

It said growth outlook for major export markets such as the United States, eurozone, China and Southeast Asia had improved along with a stronger recovery in global electronics demand.

The latest data "adds Singapore to the list of Asian countries that have recently reported better economic growth numbers", United Overseas Bank (UOB) said in a commentary.

"And the reason (is) very much similar: that the 'bounceup' in global trade since the second half of 2016 had spilled over positively, and particularly, to export-oriented Asian economies," UOB said.

"The best performing sector remains the manufacturing sector, and within it, semiconductor production -- a sight that is not unfamiliar when comparing with other semiconductor-producing economies such as South Korea, Japan, Taiwan, and even Malaysia."

Song Seng Wun, a regional economist with CIMB Private Banking said demand is coming from within Asia and outside the region including from the United States and Europe.

He told AFP protectionist rhetoric, led by US President Donald Trump, has not affected trade with Asia so far.

"President Trump may be talking about that but so far that fear hasn't really materialised," Song said. "The fear is still there but countries have taken a more pragmatic approach towards trade."

Earlier this month 11 countries led by Japan pressed ahead with a trans-pacific free-trade agreement without the United States after Trump -- touting an America-first policy -- pulled his country out of the deal.

"Although there are significant concerns among Asian exporters about rising protectionist sentiment in some Western countries... Asian exports to the US are also showing improving momentum as US consumer demand remains robust," said Rajiv Biswas, Asia Pacific chief economist at IHS Markit.

Source: AFP

arabstoday
arabstoday

GMT 03:08 2017 Sunday ,24 December

Firm Keppel Offshore to pay $422 mn

GMT 09:51 2017 Tuesday ,07 November

Broadcom makes $130 bn mega-bid

GMT 08:43 2016 Wednesday ,26 October

Post-sanction Iran makes play

GMT 10:09 2016 Monday ,26 September

Singapore scion buys 49% stake

GMT 08:35 2016 Tuesday ,24 May

Kicks out Swiss bank linked to Malaysia's 1MDB
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

singapore growth beats forecasts singapore growth beats forecasts

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

singapore growth beats forecasts singapore growth beats forecasts

 



GMT 16:16 2014 Wednesday ,10 September

Samirah Ibrahim receives Saudi cultural attaché

GMT 09:32 2017 Sunday ,24 September

China confirms will limit oil exports to North Korea

GMT 19:56 2016 Saturday ,17 September

Typhoon Meranti death toll rises to 28

GMT 09:40 2018 Monday ,01 January

OIC Summit opens in Kazakhstan

GMT 06:37 2015 Monday ,07 December

Iran film directors protest colleague's jail term

GMT 18:37 2017 Friday ,25 August

Mental health issues should be prioritized

GMT 04:39 2017 Thursday ,31 August

Trump vows to right 'self-destructive' tax code

GMT 05:29 2017 Tuesday ,22 August

Celebrations across India on 71st Independence Day

GMT 10:54 2017 Wednesday ,11 October

Child obesity grows tenfold since 1975

GMT 02:31 2016 Tuesday ,06 December

Dubai Women Establishment delegation participates

GMT 04:29 2018 Wednesday ,19 September

North and South Korea: Kim and Moon hail new future

GMT 14:18 2013 Monday ,19 August

Newlywed Lebanese couple pose at car bomb site

GMT 11:11 2011 Friday ,12 August

Palestinian university ranks seventh in Arab world

GMT 15:16 2015 Wednesday ,26 August

UAE ambassador attends charity ceremony in Qalubiya

GMT 16:59 2016 Tuesday ,26 July

Hedge funds in new cycle of oil short-selling
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday