Singapore's Ministry of Trade and Industry (MTI) said that the city-state’s economy beat expectations and grew 4.4% year-on-year in Q3. The growth was a notch lower than the 4.5% expansion recorded in Q2, which was revised from the previous figure of 4.4%. In August, MTI narrowed the range of its 2022 full-year growth forecast to 3-4%, from a previous projection of 3-5%. The recovery of the services industry has helped to offset the slower growth in the manufacturing sector, which had helped the Singapore economy stay afloat during the Covid-19 pandemic. The manufacturing sector expanded 1.5% year on year in Q3, easing from the 5.7% growth in the previous quarter.
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