Singapore's GDP for the third quarter beat estimates, and its central bank tightened policy as expected. Singapore's economy grew more than expected in the third quarter from the same period last year, according to advance estimates released by the government on Friday. Separately, the country's central bank tightened monetary policy for the fifth time in the past year, in line with expectations. The Southeast Asian country avoided a technical recession, with quarterly GDP growth coming in a 1.5% on a seasonally adjusted basis, after a 0.2% contraction in the second quarter from the first quarter. The Ministry of Trade and Industry in August narrowed Singapore's GDP forecast for 2022 to 3% to 4%, compared to an its previous forecast of 3% to 5%.

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