Singapore’s economy is set to expand at a much slower pace next year in tandem with the deterioration in external demand conditions, the Ministry of Trade and Industry said Wednesday.
The city-state economy is expected to grow by “0.5 to 2.5 percent” in 2023.
The ministry downgraded its growth outlook for this year to around 3.5 percent from 3.0 percent to 4.0 percent estimated previously.
In the third quarter, gross domestic product grew 4.1 percent on a yearly basis, slower than the 4.5 percent expansion in the preceding period, the ministry said. The estimate for the third quarter was revised down from 4.4 percent.
On a quarterly basis, economic growth was lowered to 1.1 percent from 1.5 percent. Nonetheless, this reversed the 0.1 percent contraction in the second quarter.