Singapore’s Economy Shows Better Growth than Initial Estimate

Singapore’s economy has shown growth of 7.1 percent in the third quarter, showing much better growth as compared to last year. The Ministry of Trade and Industry has estimated the growth rate to be 6.5% for the third quarter. 

The growth is seen as a result of growth in the manufacturing sector, construction, real estate industry, and food and beverages service sector. The country has been facing a surge in the covid cases, but with its 85% population being vaccinated, Singapore has now eased the domestic and border restrictions. 

The Ministry has also estimated that with the growth of different sectors the economic growth rate of the country can also grow by 3 to 5 percent in 2022.