(Nov 21): Singapore’s economy expanded at a faster pace in the third quarter than earlier estimated, with the city state projecting the recovery will take hold next year.

The final reading of gross domestic product showed the economy grew an annualized 2.1% in the third quarter from the previous three months, versus a previous projection of 0.6%, the Ministry of Trade & Industry said in a report Thursday. The economy is set to expand 0.5%-2.5% next year, compared with 0.5%-1% this year, it said.

Compared with a year ago, GDP rose 0.5% in the third quarter, up from an initial estimate of 0.1%. The median forecast in a Bloomberg survey was for growth of 0.4%.

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