Singapore’s economy grew 7.1% in the third quarter from a year ago — better than estimate

View of the Singapore skyline.

Suhaimi Abdullah | Getty Images

SINGAPORE — Singapore’s economy grew 7.1% in the third quarter in contrast with a year ago, the Ministry of Trade and Industry mentioned Wednesday.

That was better than the official advance estimate of 6.5% year-on-year growth that the ministry projected final month.

The ministry additionally revised its official full-year financial development estimates for Singapore to round 7%. Previously, the Singapore economy was anticipated to develop between 6% and seven% in 2021.

Singapore, a city-state in Southeast Asia, has been battling a surge in Covid-19 infections that got here at the same time as round 85% of the inhabitants has accomplished their vaccinations.

In current weeks, the authorities has step by step eased home and border restrictions — permitting extra exercise to renew.

Last month, the Monetary Authority of Singapore turned one in every of the first Asian central banks to tighten monetary policy. The MAS mentioned the transfer “will guarantee value stability over the medium time period whereas recognising the dangers to the financial restoration.”

This is breaking information. Please examine again for updates.

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