AFP, Singapore :
Singapore’s economy grew more than expected in the third quarter as a rush for all things linked to artificial intelligence drove up demand for computer chips, according to preliminary data Monday.
The Asian city-state’s economic performance is often seen as a barometer of the global environment because of its heavy reliance on international trade.
The trade ministry said a healthy rebound in the key manufacturing sector powered the 4.1 percent year-on-year growth in the three months to September.
Economists had projected growth of less than 4.0 percent.
Manufacturing, which includes computer chips, expanded 7.5 percent year-on-year, bouncing back from a 1.1 percent decline in the previous three months.
“Tech did all the heavy lifting for the manufacturing sector in the third quarter,” said Song Seng Wun, Singapore economic advisor at financial services firm CGS International Securities.
“We have more and more consumer products being launched incorporating artificial intelligence from mobile phones to cars and vacuum cleaners,” he told AFP.