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Growth in 2023 will come in at around 1 per cent amid weak export demand, MTI said in its latest quarterly economic survey report.
The forecast was narrowed from the range of 0.5 per cent to 1.5 per cent announced in August, and was much lower than the prediction of 0.5 per cent to 2.5 per cent made at the start of the year.
MTI also said that gross domestic product grew 1.1 per cent year on year in the third quarter, a faster pace than the 0.5 per cent in the second quarter and the 0.4 per cent in the first three months of 2023. The growth rate was also better than MTI's advance estimate of 0.7 per cent.
Analysts said a better-than-expected outcome in the third quarter could be a sign of stabilisation after anaemic growth in the first half. It may also herald a potential recovery onwards into 2024.
On a quarter-on-quarter seasonally adjusted basis, the economy grew 1.4 per cent, accelerating from the 0.1 per cent expansion in the second quarter.
Growth in the July-August period was aided by the ongoing recovery in air travel and inbound tourism, which has buoyed sectors such as air transport and accommodation. Meanwhile, resilient labour market conditions continue to lend support to consumer-facing sectors like retail trade and food and beverage services.
Still, the cumulative effects of higher interest rates and a slower-than-expected Chinese economy have kept overall growth depressed.
DBS Bank economist Chua Han Teng said the surprise third-quarter gross domestic product (GDP) uptick is in line with improving business sentiments.
This story is from the November 23, 2023 edition of The Straits Times.
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This story is from the November 23, 2023 edition of The Straits Times.
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