Singapore's economy beats forecast

Stronger revision: A general view of the financial business district buildings in Singapore. The city-state’s GDP rose an annualised 1.9 in the third quarter from the prior quarter, much better than its advance estimate issued in October of 0.1 growth. – AFP

SINGAPORE: Singapore’s economy grew much faster than initially estimated in the third quarter thanks to a better performing services industry, but the city-state has softened its growth outlook for the year amid sluggish global demand.

Gross domestic product (GDP) rose an annualised 1.9% in the third quarter from the prior quarter, the government said, much better than its advance estimate issued in October of 0.1% growth.