Singapore economy beats expectations to grow 4.1% in Q3 as manufacturing rebounds

Singapore's Q3 growth beat market expectations to hit 4.1%. Advance estimates showed it surpassed Q2's 2.9% growth, boosted by the manufacturing sector's rebound. The sector grew by 7.5%, reversing the 1.1% contraction in the previous quarter. However, the construction sector's growth lost momentum. It grew 3.1%, easing from Q2's 4.8%. Meanwhile, the central bank has maintained its monetary policy for the sixth consecutive time. The Monetary Authority of Singapore also expects core inflation to decline further to around 2% by end-2024.