Singapore announces stronger than expected growth data

Singapore announces stronger than expected growth data

The Singapore dollar turned higher on Monday after the central bank stood pat on its monetary policy, as well as stronger-than-expected growth data.

Singapore's economy contracted an annualised 1.0 per cent in the third quarter, better than the forecast of a 3.4 per cent contraction. Its gross domestic product (GDP) grew 5.1 per cent on a year-on-year basis, compared to 4.2 per cent in the previous quarter.

The Singapore dollar was quoted at 1.2458 per the US dollar at 0013 GMT, compared with Friday's close of 1.2460.

The city-state's currency stood at 1.2474 before the Monetary Authority of Singapore stuck to its tight monetary policy stance of allowing a "modest and gradual" appreciation of the local dollar on Monday, as expected.

With additional reporting by AsiaOne

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