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.
Here is the full press release from the Ministry of Trade and Industry (MTI):
Based on advance estimates, the Singapore economy grew by 5.1 per cent on a year-on- year basis in the third quarter of 201 3, compared to 4.2 per cent in the previous quarter.
On a quarter- on-quarter seasonally-adjusted annualised basis, the economy contracted by 1.0 per cent, compared to the 16.9 per cent expansion in the previous quarter. On a year-on-year basis, the manufacturing sector grew by 4.5 per cent, higher than the 1.3 per cent growth in the preceding quarter.
Growth was mainly supported by the transport engineering and electronics clusters. On a quarter-on-quarter basis, the sector contracted at an annualised rate of 3.4 per cent, a reversal from the 33.5 per cent expansion in the preceding quarter.
The construction sector grew by 3.6 per cent on a year- on-year basis, moderating from the 6.9 per cent growth in the previous quarter .
The slowdown was mainly due to weaker public sector construction activities, which partially offset robust construction activities in the private sector.
On a quarter-on- quarter basis, the sector contracted at an annualised rate of 8.8 per cent, in contrast to the 20.9 per cent expansion in the previous quarter.
The services producing industries grew by 5.7 per cent on a year-on-year basis, largely similar to the 5.6 per cent growth in the preceding quarter.
Growth was supported by healthy expansion in the finance & insurance and wholesale & retail trade sectors.
On a quarter-on-quarter basis, growth slowed to an annualised rate of 1.0 per cent, following the 12.3 per cent expansion in the preceding quarter. MTI will release the preliminary GDP estimates for the third quarter in November 2013 ,including p erformance by sectors, sources of growth, inflation, employment and productivity, in its Economic Survey of Singapore.