Singapore's third-quarter GDP beats estimates, central bank tightens policy

Singapore's system grew much than expected successful the 3rd 4th from the aforesaid play past year, according to beforehand estimates released by the authorities connected Friday.

Separately, the country's cardinal slope tightened monetary argumentation for the 5th clip successful a year, successful enactment with expectations.

Gross home merchandise successful the July-to-September 4th came successful astatine 4.4%, overmuch higher than the 3.4% predicted by analysts successful a Reuters poll, and successful enactment with maturation successful the 2nd quarter.

The Southeast Asian state avoided a method recession, with quarterly GDP maturation coming successful a 1.5% connected a seasonally adjusted basis, aft a 0.2% contraction successful the 2nd 4th from the archetypal quarter.

The Ministry of Trade and Industry successful August narrowed Singapore's GDP forecast for 2022 to 3% to 4%, compared to an its erstwhile forecast of 3% to 5%.

Meanwhile, the Monetary Authority of Singapore tightened policy successful a wide expected move, arsenic rising costs proceed to measurement connected the economy.

The cardinal slope said it volition re-center the mid-point of its speech complaint argumentation band, known arsenic the Singapore dollar Nominal Effective Exchange Rate, S$NEER.

Singapore controls argumentation done its speech complaint alternatively than involvement rates, and tin besides set the slope and width of the band. It manages the spot oregon weakness of the Singapore dollar against a handbasket of currencies of its main trading partners.

"Core ostentation volition enactment elevated implicit the adjacent fewer quarters, arsenic imported ostentation remains important and a choky labour marketplace supports beardown wage increases," the MAS said successful a statement.

The Singapore dollar past traded astatine 1.4234 against the dollar.