Singapore's central bank on Monday left its monetary settings unchanged, as expected, as data showed the economy perked up in the third quarter though analysts are betting on a loosening in policy early next year to guard against external risks.

SINGAPORE’S economy grew 4.1 per cent year on year (yoy) in the third quarter of 2024, an improvement from the previous quarter’s 2.9 per cent growth, advance estimates from the Ministry of Trade and Industry (MTI) showed on Monday (Oct 14) morning.

Singapore’s growth momentum has picked up and the negative output gap is projected to close in H2 2024,” the MAS said.

Singapore's central bank on Monday left its monetary policy settings unchanged, as expected, as data showed the economy picked up pace in the third quarter and policymakers expressed optimism about the 2025 outlook.