Singapore’s economy expanded more than analysts estimated in the third quarter, adding to evidence that increasing global demand is fueling the island’s manufacturing pickup. Gross domestic product rose an annualized 1.2% in the three months through September from the previous quarter, when it contracted a revised 0.1%, the trade ministry said in a statement today. The median estimate in a Bloomberg News survey of 12 economists was 0.8%. The central bank, which uses the island’s dollar to manage price pressures, said it will maintain a modest and gradual appreciation of the currency. Singapore’s manufacturing output has benefited from a recovery in overseas demand.
