Singapore estimates economy grew 10.2 % in Q3

Ulhas Joglekar ulhasj at
Wed Oct 11 09:41:22 MDT 2000

11 October 2000

Singapore estimates economy grew 10.2 % in Q3
SINGAPORE: Singapore's economy grew 10.2 per cent on year in the third
quarter, according to a government estimate issued Tuesday.
The government's estimate is higher than the 9.4 per cent predicted by
analysts and economists surveyed by Dow Jones Newswires.
Final figures will be released early next year.
The government also revised upward its growth forecast for 2000 to around 9
per cent from between 7.5 per cent and 8.5 per cent. It also revised its
growth estimate for the first six months of this year to 9.2 per cent, from
8.8 per cent.
Economic growth was largely boosted by good results in the manufacturing
sector, which is estimated to have grown by 11.4 per cent on year in the
third quarter, the Ministry of Trade and Industry said.
The services sector grew by 8.8 per cent in the third quarter on year, from
a revised 7.6 per cent in the second quarter.
The government said it expects Singapore's economy to grow by 5 to 7 per
cent in 2001.
It said the global economic outlook remains "favorable," but that high oil
prices and regional developments such as political turmoil in Indonesia
could hurt investor confidence.
The government also said Tuesday that the unemployment rate touched a
two-year low at 2.5 per cent in September, down sharply from 3.5 per cent in
June. (AP)
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