Singapore's economy grows 6.5% on year in the third quarter, missing estimates

4 days ago
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A cyclist rides connected Esplanade span arsenic buildings basal successful the Central Business District successful Singapore connected Monday, July 6, 2020.

Wei Leng Tay | Bloomberg | Getty Images

SINGAPORE — Singapore's system grew 6.5% successful the 3rd 4th of 2021 compared to a twelvemonth ago, authoritative beforehand estimates showed connected Thursday.

Analysts polled by Reuters had expected the Singapore system to turn 6.6% year-on-year successful the 3rd quarter.

On a quarter-on-quarter seasonally adjusted basis, the system expanded by 0.8%, Singapore's Ministry for Trade and Industry said successful a statement.

In a abstracted release, the Monetary Authority of Singapore — the country's cardinal slope — said it raised somewhat the slope of its currency band, the Singapore dollar nominal effectual speech complaint band.

The width of the argumentation set and the level astatine which it is centered is unchanged, the cardinal slope said.

The MAS manages monetary argumentation done mounting the speech rate, alternatively than involvement rates, by allowing the Singapore dollar to emergence oregon autumn wrong an undisclosed set against a handbasket of currencies. It adjusts the set done 3 levers: the slope, the mid-point and the width.

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